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S&P assigns resolution counterparty ratings on certain units of US banks

S&P Global Ratings assigned long-term and short-term resolution counterparty ratings on certain operating subsidiaries of Bank of America Corp., Bank of New York Mellon Corp., Citigroup Inc., Goldman Sachs Group Inc., JPMorgan Chase & Co., Morgan Stanley, State Street Corp. and Wells Fargo & Co.

The ratings reflect S&P's opinion of the relative default risk of certain senior financial institution liabilities in a resolution process. Additionally, the ratings are in line with the issuer credit ratings on the companies because the bank resolution framework in the U.S. does not explicitly protect any category of liability from default, the rating agency said.

The ratings action does not have any bearing on S&P's issuer credit or issue ratings on these companies, the rating agency said.

This S&P Global Market Intelligence news article may contain information about credit ratings issued by S&P Global Ratings, a separately managed division of S&P Global. Descriptions in this news article were not prepared by S&P Global Ratings. The original S&P Global Ratings documents referred to in this news brief can be found here.