With Moody’s cutting bank credit ratings, Pasadena small businesses may have a harder time securing new small business loans and credit cards. Some of the biggest banks in the US have been downgraded including Citi & Bank of America. After the downgrades, the banks stand barely above the minimum for an investment grade rating, a sign of the difficult business conditions they face.
Thursday’s downgrading of 15 of the world’s largest banks is almost sure to cause wide concern among Pasadena small businesses. Most deposits are perfectly safe, but the downgrades could hurt people in more subtle ways: Banks may jack up fees and might be reluctant to lend, which could affect mortgages, credit cards and even the Pasadena job market.
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