Moody’s Cuts Outlook For Entire US Banking Sector, Puts Six Banks on ‘Downgrade’ Watch

 

• Moody’s Investors Service cut its outlook for the entire US banking sector to negative and put six banks on ‘downgrade’ watch on Tuesday.

• The sudden and dramatic rate hikes crushed the bankers invested in low-yielding mortgage-backed securities.

• Silicon Valley Bank was in FDIC receivership last Friday after investors withdrew more than $40 billion in a run on the bank.

• I’ve never seen a bank run in Brentwood Los Angeles in over 40 years — this is at first republic bank branch.

•  Moody’s put First Republic Bank (FRC), Zions (ZION), Western Alliance (WAL), Comerica (CMA), UMB Financial (UMBF) and Intrust Financial on ‘downgrade’ watch.

• According to CNBC, the credit rating firm cited “extremely volatile funding conditions for some US banks exposed to the risk of uninsured deposit outflows.”

https://www.thegatewaypundit.com/2023/03/developing-moodys-cuts-outlook-for-entire-us-banking-sector-puts-six-banks-on-downgrade-watch/