Fitch puts PacWest Bancorp on watch

Fitch Ratings said it placed PacWest Bancorp’s and Pacific Western Bank’s BBB- long-term issuer default ratings, as well as their associated debt and deposit ratings, on rating watch negative.

“The action follows market disruption in the wake of the failure of Silicon Valley Bank on March 10, 2023. Prior to the market disruption, Fitch viewed PACW's funding and liquidity profile as supportive of its rating. However, Fitch recognizes that current market conditions have created liquidity stresses outside of its baseline assumptions,” the agency said in a press release.

Fitch said it aims to resolve the RWN within six months.

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