Moodys downgraded to negative Fifth Third Bank, Citizens, Capital One.
Downgraded M & T bank, Pinnacle Financial, BOK financial, Webster Financial.
Citing higher interest rates and commercial real estate asset management on the books for the banks. This seemed a bit of a puzzle to me as this has been going on with interest rate rises for well over a year now this also comes after debt ceiling being settled, better earnings than expected by banks multiple quarters this year, low unemployment, stock market stabilized. This should come as no surprise in regards to commercial real estate as there have been strategic defaults going on for sometime.
I wrote about that last year as an issue https://activerain.com/blogsview/5762819/blackstone-reit-in-the-headlines-with-withdraw-limits
If you want to read more on the kick off of rating downgrades