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S&P Downgrades Five US Banks, Cuts Recession Forecast

Posted on AllSides August 22nd, 2023
From The Center

S&P Global Ratings cut the credit ratings of five U.S. banks. It's the second notable downgrade of leading U.S. banks in as many weeks.

In a Monday note, provided to International Business Times by S&P Global Inc. (NYSE: SPGI), the credit ratings provider cut the ratings of five banks, which were already on a "negative outlook:"

Associated Banc-Corp (NYSE: ASB)

Comerica Inc. (NYSE: CMA)

KeyCorp (NYSE: KEY)

UMB Financial Corp. (NASDAQ: UMBF)

Valley National Bancorp (NASDAQ: VLY)

It adjusted the following banks to a negative outlook:

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