S&P Joins Moody’s in Cutting US Banks Amid ‘Tough’ Climate
Two weeks after Moody’s Investors Service rattled financial stocks by cutting the ratings for a slew of US banks, S&P Global Ratings is downgrading and dimming its outlook for several more — citing a similar mix of pressures making life “tough” for lenders.
![S&P Joins Moody’s in Cutting US Banks Amid ‘Tough’ Climate](https://ussnsimg.moomoo.com/feed_image/70040946/c47de78a3feb39f8a17a9dc686d8b49e.png/bigmoo)
S&P said Monday in a statement noting the impact of higher interest rates and deposit moves across the industry.‘Decline in deposits has squeezed liquidity,’ S&P says in note.
![S&P Joins Moody’s in Cutting US Banks Amid ‘Tough’ Climate](https://ussnsimg.moomoo.com/feed_image/70040946/a1c9c06cdd233f30a6d3060141909e6b.png/bigmoo)
Moody’s lowered credit ratings for 10 US banks earlier this month and warned it may downgrade others as part of a sweeping look at mounting pressures on the industry. The KBW Bank Index of major US banks has since slumped almost 7% — heading for its worst monthly performance since the collapse of three regional banks in March sparked a broad selloff.
![S&P Joins Moody’s in Cutting US Banks Amid ‘Tough’ Climate](https://ussnsimg.moomoo.com/feed_image/70040946/176f0ee786fb305e94ce9604f27e6381.png/bigmoo)
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