Moody’s downgraded 11 regional banks as the recent failures of Silicon Valley Bank and Signature have focused attention on regional lenders’ weaknesses
The rating agency said strains in the way banks are managing their assets and liabilities are becoming “increasingly evident,” and are pressuring profitability. Recent events “have called into question whether some banks’ assumed high stability of deposits, and their operational nature, should be reevaluated,” the ratings firm said in its report.A pre-markets primer packed with news, trends and ideas. Plus, up-to-the-minute market data.
Zions has “significant” unrealized losses on its securities portfolio and its capital has deteriorated, Moody’s said.
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