Moody's drops Western Alliance to junk

Moody's Investors Service said it downgraded Western Alliance Bancorp.'s issuer rating to Ba3 from Baa3 and its short-term ratings to Not Prime from Prime-2.

The outlook is negative. This concludes the review for downgrade initiated on March 12.

The downgrade reflects the agency's view that Western Alliance's capital position, particularly its tangible common equity, could come under pressure in the short-term because of its large real estate lending concentration, according to the agency.

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