Moody’s Investors Service moving ahead wishes to avoid making the error it did with Silicon Valley Bank.
The digital lender’s rating was cut by the credit rating agency only after it was shut down by regulators. They had anticipated a liquidity crisis and were determined to prevent investor panic and a ripple effect throughout the financial sector.
As worries about regional American banks have grown recently, Moody’s has now announced that it intends to lower the ratings of six of them. As follows:
- First Republic Bank
- Western Alliance Bancorp.
- Intrust Financial IFNC.
- UMB Financial.
- Zions Bancorp.
- Comerica.
According to Moody’s, these banks have been under evaluation for downgrading because they have an excessive amount of insured deposits. Because of this, they are susceptible to both a run on the banks and big, swift depositor withdrawals.
The verdict by Moody’s comes the day after a terrible stock market day for local banks. First Republic Bank, situated in San Francisco, an hour north of Silicon Valley Bank, plummeted 60% on March 13.
Like happened during the subprime mortgage crisis in 2008, Moody’s has lately come under fire for awarding SVB an A rating up to the evening of the bank’s collapse.
The Silicon Valley Bank’s A rating indicates that there was little chance that it would fail on its debts.
Credit-rating companies gave securitized mortgage securities excessively generous AAA ratings—the highest grade. The speculative bubble was created as a result of this. The genuine danger would have surely been better known without this rating.
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