‘Rapid Deterioration’: Moody’s Rating Service Downgrades U.S. Banking System
It’s coming down fast, folks. Literally and figuratively.
Biden voters have destroyed this country.
‘Rapid Deterioration’: Major Rating Service Downgrades U.S. Banking System
By: Spencer Brown | Townhall March 14, 2023 12:00 PM
Following the biggest bank failure since the financial crisis of 2008, Moody’s Investor Service has downgraded its rating of the “U.S. banking system” in the latest sign that President Biden’s Monday morning attempt to assuage concerns went over like a lead balloon.
Moody’s cuts outlook on entire U.S. banking system to negative, citing ‘rapidly deteriorating operating environment’ – CNBC
Moody’s — one of three major rating entities — downgraded its outlook for the U.S. banking system from “stable” to “negative” on Tuesday morning “to reflect the rapid deterioration in the operating environment following deposit runs at Silicon Valley Bank (SVB), Silvergate Bank, and Signature Bank (SNY) and the failures of SVB and SNY,” Moody’s explained.
In addition to downgrading the entire banking system, Moody’s also issued warnings for several individual banks “with substantial unrealized securities losses and with non-retail and uninsured US depositors” that “may still be more sensitive to depositor competition or ultimate flight” and end up “with adverse effects on funding, liquidity, earnings and capital.”
The unrealized losses, specifically, have become substantial:
View FDIC Unrealized Gains (Losses) on Investment Securities infographic.
The specific institutions being monitored by Moody’s for “potential downgrades” include INTRUST Financial, Western Alliance, Comerica, Zions Bancorp, and First Republic.
Markets, however, did not seem to move much on the news.
Moody’s just cut its outlook on U.S. banking system to negative due to ‘rapidly deteriorating operating environment’
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