Moody’s Ratings cut its credit ratings on JPMorgan Chase, Bank of America and other banks on Monday, following a downgrade on the U.S. debt. The bank stocks are largely holding their ground as investors expected the news.

Moody's on Monday downgraded the long-term ratings of top American lenders such as JPMorgan Chase , Bank of America and Wells Fargo , after pushing the U.S. out of top triple-A rating club over its burgeoning $36 trillion debt.

Moody’s Ratings on Monday downgraded the long-term ratings of several of America’s largest banks, including JPMorgan Chase & Co (NYSE:JPM), Bank of America Corp (NYSE:BAC), and Wells Fargo & Company (NYSE:WFC),