Moody’s lowered credit ratings for 10 small and mid\u002Dsize United States banks and said it may downgrade major lenders. Read on.
“Collectively, these three developments have lowered the credit profile of a number of U.S. banks, though not all banks equally,” it wrote in some of the assessments.
Firms that had ratings cut included M&T Bank Corp., Webster Financial Corp., BOK Financial Corp., Old National Bancorp, Pinnacle Financial Partners Inc., and Fulton Financial Corp.And Moody’s adopted a “negative” outlook for 11 lenders including PNC Financial Services Group, Capital One Financial Corp., Citizens Financial Group Inc., Fifth Third Bancorp, Regions Financial Corp., Ally Financial Inc., Bank OZK and Huntington Bancshares Inc.
Shares of several affected companies dropped in early New York trading. U.S. Bancorp and Bank of New York Mellon both slid 2.3 per cent, while Truist fell 1.8 per cent. PNC was down 1.8 per cent, and Capital One lost two per cent. Among the biggest losers were Citizens Financial, which declined 2.9 per cent, and Ally Financial, which dropped 2.7 per cent.
“Rising funding costs and declining income metrics will erode profitability, the first buffer against losses,” Moody’s wrote in a separate note explaining the moves. “Asset risk is rising, in particular for small and mid-size banks with large CRE exposures.” Some banks have curbed loan growth, which preserves capital but also slows the shift in their loan mix toward higher-yielding assets, Moody’s said.
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