Fitch drops Western Alliance

Fitch Ratings said it downgraded the long-term issuer default rating of Western Alliance Bancorporation and Western Alliance Bank to BBB- from BBB+ and removed all ratings from rating watch negative.

The outlook is negative.

Fitch also downgraded the short-term issuer default rating to F3 from F2.

The agency said it has reassessed Western Alliance’s funding and liquidity score based on a declining, but still elevated, use of contingent wholesale funding, as well as execution risk related to measures to reduce assets and loan growth.

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