Moody’s Investors Service cut the credit ratings of 10 U.S. regional banks and said it was reviewing the ratings of six other institutions, pointing to lower profits and higher funding costs.
Shares of M&T Bank (MTB), Pinnacle Financial Partners (PNFP) and Commerce Bancshares (CBSH)—among the banks Moody’s downgraded—were all down 2% or more in morning trading All the cuts were by a single notch, and all the banks remained investment-grade. You can scroll down for a full list of the downgraded banks._
Moody’s is reviewing its ratings on six others, including Bank of New York Mellon (BK), Northern Trust (NTRS), State Street (STT) and US Bancorp (USB), and has assigned a negative outlook to 11 more lenders.
