10:59 - 8.08.2023

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Moody's has cut the credit ratings of 10 US small and medium-sized banks.

According to ABC.AZ, the agency said it placed six banking giants, including Bank of New York Mellon, US Bancorp, State Street and Truist Financial on review for potential downgrades.

Moody's cited rising borrowing costs, a lack of regulatory capital and rising risks associated with commercial real estate lending as reasons for the downgrade.
Downgraded banks include M&T Bank Corp., Webster Financial Corp., BOK Financial Corp., Old National Bancorp, Pinnacle Financial Partners Inc. and Fulton Financial Corp.