New York, March 14 (BNA): Ratings agency Moody’s on Monday cut the debt ratings of imploded New York-based Signature Bank (SBNY.O) deep into junk territory and put the ratings of six other US banks under review for a downgrade. .
Moody’s, which rated Signature Bank’s subordinated debt as “C,” said it was also withdrawing the collapsed bank’s future ratings, Reuters reported.
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 shut down Signature Bank on Sunday, the third largest failure in US banking history, two days after authorities shut down Silicon Valley Bank (SIVB.O) in a meltdown that stranded billions in deposits.
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