Regions Bank ratings drop

Posted by: Melissa Johnson - bio | email

New York, NY (AP) Regions Bank received some bad news today.

The S&P, a credit ratings agency, cut its ratings on 22 banks including regions.

The cuts are based on concerns that banks are likely to face tighter regulatory oversight in the volatile financial sector.

The S&P also says loan losses are likely to increase and could grow beyond expectations.

Other banks whose ratings are being cut are Capital One and Wells Fargo.