Get 40% Off
🚨 Volatile Markets? Find Hidden Gems for Serious OutperformanceFind Stocks Now

Moody's downgrades Signature Bank to junk, places six U.S. banks under review

Published 03/13/2023, 11:09 PM
Updated 03/13/2023, 11:10 PM
© Reuters. A person walks into the lobby of the Signature Bank headquarters, in New York City, U.S., March 13, 2023. REUTERS/David 'Dee' Delgado

(Reuters) - Ratings agency Moody's (NYSE:MCO) on Monday downgraded the debt ratings of collapsed New York-based Signature Bank (NASDAQ:SBNY) deep into junk territory and placed the ratings of six other U.S. banks under review for a downgrade.

Moody's, which rated Signature Bank's subordinate debt 'C', said it was also withdrawing future ratings for the collapsed bank.

The banks placed under review for downgrade are First Republic Bank (NYSE:FRC), Zions Bancorporation (NASDAQ:ZION), Western Alliance (NYSE:WAL) Bancorp, Comerica (NYSE:CMA) Inc, UMB Financial (NASDAQ:UMBF) Corp and Intrust Financial Corporation, Moody's said.

State regulators closed Signature Bank on Sunday, the third largest failure in U.S. banking history, two days after authorities shuttered Silicon Valley Bank in a collapse that stranded billions in deposits.

Latest comments

Tip of iceberg
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.