S&P Cuts BofA, Citigroup

Standard & Poor's has lowered credit ratings on Dow component Bank of America (NYSE: BAC) and Citigroup (NYSE: C) to A- from A.

The A level is still investment grade and implies "strong capacity to meet financial commitments, but somewhat susceptible to adverse economic conditions and changes in circumstances," according to the S&P Web site.

A plus or minus sign is used to show relative standing within the major rating categories. BofA plunged more than 3% today while Citi closed modestly higher.