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Moody's (NYSE:MCO) said yesterday that "higher than previously expected credit losses" (what did Moody's previously expect, zero credit losses? - but I digress) has led the rating agency to put 23 banks on watch for lower ratings.

Banks looking at a one-notch downgrades include:

Astoria Financial (NYSE:AF), BancWest, BB&T (NYSE:BBT), BMW Bank of North America, Capital One Financial Corp. (NYSE:COF), Citizens Republic Bancorp, Inc. (NASDAQ:CRBC), First Citizens BancShares, Inc. (OTC:CTZN), Fulton Financial Corporation (NASDAQ:FULT), KeyCorp (NYSE:KEY), M&T Bank Corporation (NYSE:MTB), Pacific Capital Bancorp (NASDAQ:PCBC), PNC Financial Services Group, Inc. (NYSE:PNC), South Financial Group, Inc. (TSFG), Susquehanna Bancshares, Inc. (NASDAQ:SUSQ), Trustmark Corporation (NASDAQ:TRMK), U.S. Bancorp (NYSE:USB), United Bankshares, Inc (NASDAQ:UBCP).

Banks that will likely see a two notch downgrade include:

Fifth Third Bancorp (FIFTB), Huntington Bancshares Incorporated (NASDAQ:HBAN), SunTrust Banks, Inc. (NYSE:STI), Synovus Financial Corp. (NYSE:SNV), UCBH Holdings, Inc. (UCBH), UnionBanCal Corporation (UB), Western Alliance Bancorporation (NYSE:WAL), Wilmington Trust Corporation (NYSE:WL).

And lastly, banks that will suffer a three notch downgrade include:

BBVAPR Holding Corporation, Colonial BancGroup, Inc. (CNB), Compass Bancshares, Inc. (CBSS), Zions Bancorporation (NASDAQ:ZION).

I'll say one thing: US Bancorp's Richard Davis is going to blow a f***ing gasket.

Source: Moody's Wakes Up, Whacks 23 Banks