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Updated from 10:12 a.m. EDT
Standard & Poor's downgraded 22 U.S. banks Wednesday, arguing more volatile financial markets and tighter regulations will create a tougher operating environment.
In addition to the downgrades, S&P lowered its outlooks on all 22 banks, suggesting "the ratings could still decline if the credit cycle is longer and/or deeper," Standard & Poor's credit analyst Roderigo Quintanilla said in a press release.
"We believe the industry is undergoing a structural transformation that may include radical changes with permanent repercussions," Quintanilla said. ...
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