S&P Global downgrades outlooks on five regional US banks to negative (updated)

Synovus Financial

26/03/2024 22:38

(Adds names of regional banks in the report in paragraph 2)
       March 26 (Reuters) - S&P Global downgraded its outlooks
on five regional U.S. banks to "negative" from "stable" due to
their commercial real estate exposures, the ratings agency said
on Tuesday. 
    It downgraded First Commonwealth Financial  FCF.N , M&T Bank
 MTB.N , Synovus Financial  SNV.N , Trustmark  TRMK.O , and
Valley National Bancorp  VLY.O .
    "Stress in commercial real estate (CRE) markets, such as
reduced property prices and higher vacancies particularly for
investor-owned office properties, has created a rising challenge
for banks with sizable loan exposures to CRE," S&P said. 

 (Reporting by Mehnaz Yasmin in Bengaluru; Editing by Devika
Syamnath)
 ((Mehnaz.Yasmin@thomsonreuters.com;))