Moody’s Investors Service placed six US banks on review for potential credit rating downgrades, in the wake of last week’s collapse of Silicon Valley Bank.
Moody’s Investors Service placed six US banks on review for potential credit rating downgrades late Monday, in the wake of last week’s collapse of Silicon Valley Bank. The credit ratings firm also downgraded Signature Bank deep into junk territory following that bank’s failure. Ratings downgrades can make it more expensive for companies to borrow money.
” The move comes after shares of regional banks got clobbered on Monday even after the US federal government stepped in with a massive intervention designed to protect depositors and prevent further bank runs. Regional bank shares rebounded in premarket trading on Tuesday.
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