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

UMB Financial

14/03/2023 03:05

March 13 (Reuters) - Ratings agency Moody's on Monday
downgraded the debt ratings of collapsed New York-based
Signature Bank  SBNY.O  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  FRC.N , Zions Bancorporation  ZION.O , Western
Alliance Bancorp  WAL.N , Comerica Inc  CMA.N , UMB Financial
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  SIVB.O  in a collapse
that stranded billions in deposits.
        
    


 (Reporting by Nilutpal Timsina in Bengaluru; Editing by Dhanya
Ann Thoppil)
 ((Nilutpal.Timsina@thomsonreuters.com; +91 86382 04706;))