Moody’s downgrades Signature Bank to junk, places six U.S. banks under review

March 13 (Reuters) – Scores company Moody’s on Monday downgraded the debt scores of collapsed New York-based Signature Financial institution (SBNY.O) deep into junk territory and positioned the scores of six different U.S. banks underneath assessment for a downgrade.

Moody’s, which rated Signature Financial institution’s subordinate debt ‘C’, mentioned it was additionally withdrawing future scores for the collapsed financial institution.

The banks positioned underneath assessment for downgrade are First Republic Financial institution (FRC.N), Zions Bancorporation (ZION.O), Western Alliance Bancorp (WAL.N), Comerica Inc (CMA.N), UMB Monetary Corp and Intrust Monetary Company, Moody’s mentioned.

State regulators closed Signature Financial institution on Sunday, the third largest failure in U.S. banking historical past, two days after authorities shuttered Silicon Valley Financial institution (SIVB.O) in a collapse that stranded billions in deposits.

Reporting by Nilutpal Timsina in Bengaluru; Modifying by Dhanya Ann Thoppil

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