AIRLINK 74.85 Increased By ▲ 0.56 (0.75%)
BOP 4.98 Increased By ▲ 0.03 (0.61%)
CNERGY 4.49 Increased By ▲ 0.12 (2.75%)
DFML 40.00 Increased By ▲ 1.20 (3.09%)
DGKC 86.35 Increased By ▲ 1.53 (1.8%)
FCCL 21.36 Increased By ▲ 0.15 (0.71%)
FFBL 33.85 Decreased By ▼ -0.27 (-0.79%)
FFL 9.72 Increased By ▲ 0.02 (0.21%)
GGL 10.45 Increased By ▲ 0.03 (0.29%)
HBL 112.74 Decreased By ▼ -0.26 (-0.23%)
HUBC 137.44 Increased By ▲ 1.24 (0.91%)
HUMNL 11.42 Decreased By ▼ -0.48 (-4.03%)
KEL 5.28 Increased By ▲ 0.57 (12.1%)
KOSM 4.63 Increased By ▲ 0.19 (4.28%)
MLCF 37.80 Increased By ▲ 0.15 (0.4%)
OGDC 139.50 Increased By ▲ 3.30 (2.42%)
PAEL 25.61 Increased By ▲ 0.51 (2.03%)
PIAA 20.68 Increased By ▲ 1.44 (7.48%)
PIBTL 6.80 Increased By ▲ 0.09 (1.34%)
PPL 122.20 Increased By ▲ 0.10 (0.08%)
PRL 26.58 Decreased By ▼ -0.07 (-0.26%)
PTC 14.05 Increased By ▲ 0.12 (0.86%)
SEARL 58.98 Increased By ▲ 1.76 (3.08%)
SNGP 68.95 Increased By ▲ 1.35 (2%)
SSGC 10.30 Increased By ▲ 0.05 (0.49%)
TELE 8.38 Decreased By ▼ -0.02 (-0.24%)
TPLP 11.06 Decreased By ▼ -0.07 (-0.63%)
TRG 64.19 Increased By ▲ 1.38 (2.2%)
UNITY 26.55 Increased By ▲ 0.05 (0.19%)
WTL 1.45 Increased By ▲ 0.10 (7.41%)
BR100 7,841 Increased By 30.9 (0.4%)
BR30 25,465 Increased By 315.4 (1.25%)
KSE100 75,114 Increased By 157.8 (0.21%)
KSE30 24,114 Increased By 30.8 (0.13%)

Ratings agency Moody’s downgraded the credit ratings of several US banks on Monday and warned it was reviewing the status of some of the nation’s biggest lenders.

Moody’s cut the ratings of 10 US banks by one notch and placed some banking giants on review for potential downgrades.

The agency also changed its outlook to negative for several major lenders.

Overall, it changed the assessments for 27 banks in the sector.

The downgraded banks include M&T Bank, Pinnacle Financial Partners, Prosperity Bank and BOK Financial Corp. The banks placed on review for downgrade include BNY Mellon , US Bancorp, State Street and Truist Financial.

“Many banks’ Q2 results showed growing profitability pressures that will reduce their ability to generate internal capital,” Moody’s wrote in a note.

“This comes as a mild recession looms,” and banks contend with greater risks from interest rates and managing their assets and liabilities, the ratings agency said.

The collapse of Silicon Valley Bank and Signature Bank earlier this year sparked a crisis of confidence in the US banking sector, leading to a run on deposits at a host of regional banks despite authorities launching emergency measures to shore up confidence.

Moody’s changed its outlook to negative from stable for Capital One, Citizens Financial and Fifth Third Bancorp, among others.

The ratings agency also affirmed the ratings of PNC Financial Services Group, Citizens, and Huntington Bancshares alongside other banks.

Comments

Comments are closed.

Tulukan Mairandi Aug 08, 2023 01:07pm
Meanwhile Pakistan is junk status as per Moody and even neighbour Modi.
thumb_up Recommended (0)
Builder Aug 08, 2023 01:13pm
@Tulukan Mairandi Open you eyes, they are talking of banks of US - best friend of Mooooodi
thumb_up Recommended (0)
Taimoor Ashraf Aug 08, 2023 03:48pm
@Tulukan Mairandi, Dear "Mai Randi" you have comprehension issues. The story is about the US banks with no mention of Pakistan or Modi anywhere in it.
thumb_up Recommended (0)
Go imran go Aug 08, 2023 04:33pm
@Tulukan Mairandi, Any damage to US bank will be felt world wide
thumb_up Recommended (0)