First Republic and Five US Banks Placed on Downgrade Watch by Moody’s.

Moody’s Investors Service has placed First Republic Bank and five other US lenders on review for a possible downgrade. This move highlights the growing apprehension about the financial stability of regional banks, particularly after the collapse of Silicon Valley Bank.

Moody’s also included Western Alliance Bancorp, Intrust Financial Corp, UMB Financial Corp, Zions Bancorp, and Comerica Inc. on the review list, Bloomberg reported.

The reason for this action is the credit rating company’s apprehension about these lenders’ dependence on uninsured deposit funding and unrealized losses in their asset portfolios.

This action from Moody’s follows the pummeling of US bank stocks, despite the government’s rescue of Silicon Valley Bank’s depositors and introduction of a new lending facility to support financing and prevent further bank runs.

"Moody’s Puts First Republic, Five US Banks on Downgrade Watch"
READ MORE: https://www.bloomberg.com/news/articles/2023-03-14/moody-s-puts-first-republic-five-us-banks-on-downgrade-watch

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