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Moody’s cuts several U.S. banks
Moody’s Investors Service said it downgraded several U.S. banks, citing the ongoing challenges in the U.S. banking system.
In a press release, “Moody's said the rating action reflects several sources of strain on the U.S. banking sector: funding pressures, regulatory capital weaknesses and rising risks associated with commercial real estate exposures.”
The banks are Pinnacle Financial Partners Inc. to Baa2 from Baa1, Fulton Financial Corp. to Baa2 from Baa1, Webster Financial Corp. to Baa2 from Baa1, BOK Financial Corp., to Baa1 from A3, Associated Banc-Corp to Baa3 from Baa2, Old National Bancorp to Baa1 from A3 and M&T Bank Corp. to Baa1 from A3.
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