Standard & Poor's ratings service just cut the ratings of Goldman Sachs, Bank of America, Morgan Stanley and Citigroup from A to A-.

Wells Fargo was also cut from AA- to A+. The agency gave both Wells Fargo and Goldman Sachs have a negative outlook.

Those cuts were part of more than 37 ratings reviewed by the agency. Bloomberg says those are dependent upon "criteria change[s]" that were published on November 9.

Other banks mentioned in the report were RBS, HSBC, UBS, BBVA, Bank of New York Mellon, Barclays, and Lloyds.

The downgrade on Bank of America could cause the bank to scrounge around for up to $5.1 billion to meet collateral regulations.

These are a few more of the ratings actions in that report: BBVA (AA- to A+, negative), Banco Bradesco (still BBB, stable), Banco do Brasil (still BBB, stable), Banco Santander (still AA-, negative), Bank of America (A to A-, negative), Bank of New York Mellon (AA- to A+, negative), Barclays PLC (A+ to A-, stable), BNP Paribas (still AA-, stable), BPCE (still A+, stable), Citigroup (A to A-, negative), Commerzbank (still A, negative), Credit Agricole (still A+, stable), Credit Suisse (still A+, now negative outlook), Deutsche Bank (still A+, now negative outlook), Goldman Sachs (A to A-, negative), HSBC (AA- to A+, stable), ING Groep (still A, stable), Intesa Sanpaolo (still A, negative), Itau Unibanco (still BBB, stable), JP Morgan Chase (A+ to A, stable), Lloyds (A to A-, stable), Mitsubishi UFJ Financial (still A, stable), Mizuho Financial (still A, now negative outlook), Morgan Stanley (A to A-, negative), Nordea Bank (still AA-, stable), RBS (A to A-, stable), Societe Generale (still A+, stable), State Street (still A+, now negative outlook), Sumitomo Mitsui Financial (still A, now negative outlook), UBS (A+ to A, negative), UniCredit (still A, negative), and Wells Fargo (AA- to A+, negaitve).

This press release preceded the cuts (via WSJ):