Rating Cuts Widen B of A, Wells Fargo CDS

26 Mar 2009

Credit default swaps on Bank of America and Wells Fargo widened after Moody’s Investors Service lowered their debt ratings.

Credit default swaps on Bank of America and Wells Fargo widened after Moody’s Investors Service lowered their debt ratings. Five-year CDS on B of A soared 40 basis points to 335 bps, while those on Wells Fargo jumped 30 bps to 245 bps, according to Phoenix Partners Group.

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