(CNNMONEY) - The ratings agency Moody's says it has downgraded some of the world's biggest banks because of concerns about global financial stability. Fifteen institutions, including Bank of America, Goldman Sachs and J-P-Morgan Chase saw their ratings cut after U-S markets closed Thursday.
Moody's officials say the banks' significant exposure to volatility and risk instigated the action.
Here's how it could affect you.
A ratings cut makes it more expensive for banks to borrow money to meet their short-term cash needs, and those extra costs could be passed on.
Some of the downgraded banks already took a hit last year from the other two major ratings agencies, Standard-and-Poor's and Fitch.
Check Out This Mug Shot From Florida
It's an unforgettable mug shot from an arrest in Central Florida. Deputies say they found this man, Kelsey Smith, parked in a running car at an intersection in Deltona. They say they could smell alcohol in the car.
According to authorities, Smith refused to go through field sobriety tests and got physical with them when they tried to arrest him. They say they had to use a stun gun on him twice to get him into handcuffs.
According to the incident report, Smith repeatedly hit his head and face on the roof or the patrol car and then spit blood at deputies.
He's charged with DUI and resisting arrest