Shares of US banks drop after S&P downgrades some ratings
S&P on Monday cut ratings on Associated Banc-Corp and Valley National Bancorp on funding risks and higher reliance on brokered deposits. It also downgraded UMB Financial Corp and Comerica Bank citing deposit outflows and higher interest rates. The rating agency also cut KeyCorp's ratings on the back of constrained profitability.
Source: businesstoday.in