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Moody’s downgrades 7 US banks in the wake of Silicon Valley Bank’s demise

Rating agency Moody’s has downgraded seven US banks after the collapse of Silicon Valley Bank sent shockwaves through the financial sector.

The fallout from the collapse of Silicon Valley Bank hit UK bank stocks including HSBC, Standard Chartered and the broader financial sector, despite HSBC’s agreement to take over the UK arm of the failed bank yesterday morning.

The rating changes are as follows:

1. Signature Bank: Moody’s downgrades Signature Bank (subordinated debt to C from Baa2) and withdraws ratings
2. First Republic: Moody’s downgrades First Republic Bank’s ratings
3. INTRUST Financial Corporation: Moody’s is reviewing INTRUST Financial Corporation’s ratings for a downgrade
4. UMB Corporation: Moody’s puts UMB Financial Corporation’s ratings under review for a downgrade (UMB Bank, NA long-term deposits Aa3)
5. Zions Bancorporation: Moody’s puts Zions Bancorporation, NA’s ratings downgrade (long-term deposits A1) under review
6. Western Alliance: Moody’s places Western Alliance’s ratings on review for downgrade
7. Comerica Incorporated: Moody’s places Comerica Incorporated’s ratings under review for a downgrade