It makes you wonder where the ratings agencies were back in 2007 and 2008 when the global banking system was in just as much trouble with liquidity and debt, but it appears that they may have gotten 'religion', and are finally doing the jobs most ratings agencies won't do.
Standard and Poor (S&P) gave out their pre-Christmas gifts to 37 global banks, and it looks like they got the coal in the stocking they deserved. Bank of America especially should quickly fall below $5.00 a share, perhaps as early as tomorrow.
Here is a list thanks to Zerohedge of the banks and their downgrades.
The rest of the data can be found here.