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Moody's downgraded the deposit ratings of some large banks, including Bank of America and JPMorgan Chase, citing the downgrade of the US credit rating last Friday and the weakening ability of the government to support these institutions. Moody's lowered the long-term deposit ratings of Bank of America, JPMorgan Chase, and their subsidiary banks to Aa2, the third-highest level. Additionally, Moody's downgraded the senior unsecured debt ratings of some subsidiaries of Bank of America and The Bank of New York Mellon from Aa1 to Aa2. Furthermore, Moody's also lowered the long-term counterparty risk ratings of some subsidiaries of Bank of America, The Bank of New York Mellon, JPMorgan Chase, State Street Bank, and Northern Trust to Aa2. This is the latest example of a chain reaction triggered by Moody's downgrade of sovereign credit ratings. Moody's downgraded the US's highest credit rating by one notch to Aa1 and attributed the continuously expanding budget deficit to successive administrations and congresses, claiming that there is little sign of relief from this phenomenon.