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[size=36]Moody's downgrades 10 US banks[/size]
Economy | 09:52 - 08/08/2023
Baghdad - Mawazine News
Moody's downgraded the credit rating of 10 small and medium-sized US banks in light of the continuing banking risks in the United States.
The agency said in a statement today, Tuesday, that the possibility of downgrading the credit rating of major US banks remains, due to the strength of borrowing, despite the high interest rates.
According to the agency, downgrading major banks may affect institutions such as US Bancorp, Bank of New York Mellon Corp, and State Street Corp.
She pointed out that "the results of the second quarter of 2023 show pressure on profitability, and the reason for this is due to the recession and high interest rates."
Last month, the US Federal Reserve raised interest rates by 0.25 percent, the highest level since January 2001.
The agency said in a statement today, Tuesday, that the possibility of downgrading the credit rating of major US banks remains, due to the strength of borrowing, despite the high interest rates.
According to the agency, downgrading major banks may affect institutions such as US Bancorp, Bank of New York Mellon Corp, and State Street Corp.
She pointed out that "the results of the second quarter of 2023 show pressure on profitability, and the reason for this is due to the recession and high interest rates."
Last month, the US Federal Reserve raised interest rates by 0.25 percent, the highest level since January 2001.
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