S&P Joins Moody’s in Cutting US Banks Amid ‘Tough’ Environment
- Bank stocks are down in August with higher funding costs seen
- ‘Decline in deposits has squeezed liquidity,’ S&P says in note
Updated on
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 lowered grades one notch for KeyCorp, Comerica Inc., Valley National Bancorp, UMB Financial Corp. and Associated Banc-Corp, it said Monday in a statement, noting the impact of higher interest rates and deposit moves across the industry.
Up Next
S&P Joins Moody’s in Cutting US Banks Amid ‘Tough’ Environment