UPDATE: Goldman, Wells Ratings Also Cut By S&P

Standard Poor's also lowered the credit rating of Goldman Sachs (NYSE: GS) to A- from A. The ratings agency made similar moves on Bank of America (NYSE: BAC) and Citigroup.

The ratings agency also cut Wells Fargo's (NYSE: WFC) credit rating to A+ from AA-.

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.