Global ratings agency Moody's downgraded Silvergate Capital Corp's deposit rating to 'Caa1' from 'Ba3' on Friday, after the crypto-focused bank raised going concern doubts earlier this week.
Representations of cryptocurrencies Bitcoin, Ethereum and DogeCoin are placed on PC motherboard in this illustration taken, June 29, 2021. REUTERS/Dado Ruvic/File Photodeposit rating to 'Caa1' from 'Ba3' on Friday, after the crypto-focused bank raised going concern doubts earlier this week.it had sold additional securities to repay debts and was evaluating the impact of these events on "its ability to continue as a going concern.
Silvergate reported a $1 billion loss for the fourth quarter as investors raced to withdraw deposits in the wake of crypto exchange FTX'sMoody's said the Silvergate rating change reflects its "expectation that the company will continue to experience further declines in deposits, forcing it to continue selling securities, potentially at further losses."
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