US banks downgraded on worsening outlook
NEW YORK – Global ratings firm Moody’s early this week downgraded several mid-sized US banks, warning that the credit strength of lenders will likely be tested by funding risks and weaker profits, according to international news agencies.
Moody’s was also quoted as saying it may downgrade some of the largest US lenders, in a blow to the industry that regained stability after several bank failures earlier this year.
Some of the banks downgraded include; Pinnacle Financial Partners [Downgraded to BAA2 from BAA1, and received a negative from stable outlook ], Fulton [Downgraded to BAA2 from BAA1, with a negative outlook], Prosperity Bank [Downgraded long-term deposits to A1 from AA3, stable].
More banks downgraded are: BOK Financial Corp [Downgraded to BAA1 from A3, stable], Webster [Downgraded to BAA2 from BAA1, stable], Associated Banc-Corp [Downgraded to BAA2 from BAA1, stable], Old National Bancorp [Downgraded Senior Unsecured to A1 from AA3, negative].
Other banks are: Citizens Financial Corp [Affirmed senior unsecured at BAA1, negative from stable] M&T Bank [Downgraded senior unsecured to BAA1, stable], Commerce Bank [Downgraded long-term issuer to A3 from A2, stable], Regions Financial Corp [Affirm senior unsecured at BAA1, changed to negative from stable], Simmons First National [Affirmed at BAA2, negative], and Ally Financial [Affirmed LT bank deposits at A3, negative].
Other banks put under review for potential downgrade by Moody’s are: Bank of New York Mellon [Review for downgrading the long-term issuer ratings, debt ratings, counterparty risk ratings] US Bancorp [Review for downgrade of all long-term and select short-term ratings].
More banks lined up for review are: Truist Financial [Review for downgrade of long-term ratings], State Street Corp [Review for downgrade of long-term ratings], and Northern Trust Corp [Long-term ratings under review for downgrade].
https://thecooperator.news/new-zealand-the-co-operative-bank-shares-us-2-5mln-profit-with-customers/
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