“The banks have been benefiting from having this uplift, this assumption in the ratings that they’d get rescued, basically, by the government or back-door support from the Fed,” says Mayra Rodriguez Valladares, managing principal of MRV Associates, a New York-based financial consulting firm specializing in risk management.

“This is a signal from the ratings agencies that they really do believe that these resolution frameworks are in better position than they have been, and that it’s not just talk — that these bailouts wouldn’t happen,” Valladares says.