Moody's Investors Service cited a declining probability that the U.S. government will rescue major financial institutions as it downgraded the long-term credit ratings of Bank of America and Wells Fargo. Moody's also cut Citigroup's short-term rating. The government is "more likely now than during the financial crisis to allow a large bank to fail should it become financially troubled, as the risks of contagion become less acute," Moody's wrote.

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