11:13 - 15.03.2023

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March 15, Fineko/abc.az. Rating agency Moody's has downgraded its outlook on the U.S. banking system to negative after the bankruptcy of Silicon Valley Bank (SVB) and Signature Bank, ABC.AZ reports with reference to agency's statement.

"We’ve changed our forecast for the U.S. banking system from stable to negative to reflect the rapid deterioration in the operating environment after the withdrawal of deposits in Silicon Valley Bank (SVB), Silvergate Bank and Signature Bank (SNY) and the collapse of SVB and SNY," Moody's statement says.

California-based Silicon Valley Bank declared bankruptcy on 10 March. On this day, SVB Financial Group filed a report with the U.S. Securities and Exchange Commission (SEC), in which it announced the closure of a subsidiary of Silicon Valley Bank. The bank was one of the most well-known lenders of American startups, as well as IT and healthcare companies, ranking 16th in terms of assets in the country. Thus, its collapse was the most significant in the U.S. after the 2008 crisis.