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Moody’s cuts US bank ratings, warns of more downgrades

Moody’s lowered credit ratings for several small to mid-sized US banks and may also downgrade major lenders due to potential funding risks and reduced profitability. The ratings of 10 banks were cut by one notch, while six banking giants, including Bank of New York Mellon, US Bancorp, State Street, and Truist Financial, are under review for possible downgrades.

The agency noted pressure on bank profitability and highlighted risks in commercial real estate portfolios, especially given high interest rates and remote work impact.

The report also revealed a negative outlook for eleven major lenders, such as Capital One and Citizens Financial.

Tightening monetary conditions and slowing loan demand were further highlighted, alongside the recent Fitch downgrade of the US. Moody’s downgraded banks including M&T Bank and Pinnacle Financial Partners.

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