Fitch places Western Alliance on watch

Fitch Ratings said it placed Western Alliance Bancorporation's (WAL) and Western Alliance Bank's (WAB) BBB+ long-term issuer default rating and associated debt and deposit ratings on rating watch negative

The RWN follows Silicon Valley Bank’s failure on Friday, the agency said.

“Prior to this event, Fitch viewed WAL's funding and liquidity profile as supportive of its rating, but current market conditions have created liquidity stresses outside the baseline assumptions. The resolution of the RWN could include a range of outcomes, including the assignment of a negative or stable outlook, depending on market conditions and the impact to WAL's deposit franchise, long-term earning power and capitalization,” the agency said in a press release.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.