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CHARLOTTE -- Moody's Investors Service lowered the ratings on 15 of the world's largest banks including Bank of America, JP Morgan Chase, Citi Group and Goldman Sachs.

Thursday, the ratings agency said the banks were downgraded because their long-term prospects for profitability and growth are shrinking. Moody's also said it was especially concerned with banks with large capital market activities during a time of increased volatility in markets.

The downgrade could mean it will become more costly for the banks to raise money by selling debt.