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.

An economist explains why the recent credit rating downgrades for major U.S. banks might not carry a big impact.

Moody’s Ratings cut its ratings for deposits at some of the biggest banks, including Bank of America Corp., JPMorgan Chase & Co., citing Friday’s downgrade of the U.S. and the government’s weakened ability to support the firms.