S&P Downgrades Five US Banks, Cuts Recession Forecast
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: