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Debt ratings cut for BofA, Wells

March 26, 2009|Times Wire Reports

Bank of America Corp. and Wells Fargo & Co., the biggest U.S. home lenders, were downgraded by Moody's Investors Service on concern that they would need another round of government aid.

The senior-debt rating for Bank of America of Charlotte, N.C., was reduced to A2 from A1, Moody's said. Wells Fargo of San Francisco had its senior-debt rating cut to A1 from Aa3.

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