S&P Global Ratings on Aug. 21 joined the other two largest ratings agencies in downgrading the credit of U.S.-based banks due to spiking interest rates and deposit outflows, according to a report in Bloomberg News Aug. 22.
The five banks downgraded are mid-size lenders: KeyCorp ($195 billion in assets); Comerica Inc. ($90 billion assets); Valley National Bancorp ($64 billion); UMB Financial Corp. ($40 billion); and Associated Banc-Corp ($41 billion); each downgraded by a notch. Another bank of the same size range given a negative outlook for review, was Zions Bancorp ($89 billion assets).
