Standard & Poor's downgraded its credit scores by one notch to KeyCorp, Comerica, Valley National, UMB Financial, and Associated Banc-Corp., due to the impact of higher interest rates and deposit movements across the industry.
Standard & Poor's also downgraded its outlook for River City Bank and S&T to negative, stating that its view of Zions Bancorp remains negative after the review.
This comes after Moody's downgraded the credit ratings of 10 U.S. banks earlier this month and warned that it could downgrade the ratings of other banks as part of a comprehensive look at growing pressures on the industry.
Source (Al-Arabiya.net Website, Edited)
