SAN FRANCISCO (MarketWatch) -- Standard & Poor's Ratings Services said on Monday that the downgrade of the U.S.'s sovereign rating will not have an immediate impact on its ratings on U.S. banks. "None of the banks we rate in the U.S. has an issuer credit rating higher than the U.S. sovereign rating. The sovereign downgrade does not alter the government support assumptions that we factor into our ratings on four banks," the ratings agency said in a statement. The comments come after a volatile day in the market with financial stocks leading the selloff in equities. Bank of America shares were one of the hardest hit, tumbling 20%, while Citigroup shares tanked 16%. S&P on Friday stripped the U.S. of its coveted triple-A rating, lowering it to AA+.

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