Moody's cuts Morgan, Goldman & J.P. Morgan debt

NEW YORK (MarketWatch)
Moody's has concluded its review of the eight biggest U.S. banks and lowered the ratings by one notch of the senior debt of Morgan Stanley , Goldman Sachs Group Inc. , J.P. Morgan Chase & Co. , and Bank of New York Mellon 
The ratings firm confirmed the senior holding company ratings of Bank of America Corp. Inc. , Citigroup Inc. , State Street Corporation and Wells Fargo & Co.
The credit ratings of these banking groups have each benefited from the assumption of government support, said Moody's in a statement
The rating actions by Moody's reflect strengthened U.S. bank resolution tools, prompted by the Dodd-Frank Act, which affect Moody's assumptions about U.S. government support, said the report
"We believe that US bank regulators have made substantive progress in establishing a credible framework to resolve a large, failing bank,"said Robert Young, Moody's Managing Director
"Rather than relying on public funds to bail-out one of these institutions, we expect that bank holding company creditors will be bailed-in and thereby shoulder much of the burden to help recapitalize a failing bank."