S&P Downgrades Five US Banks, Citing ‘Tough’ Operating Conditions

S&P Downgrades Several American Regional Lenders Due To Capital Issues.

The S&P Global logo on its offices in the financial district in New York City, on Dec. 13, 2018. Reuters

S&P Global followed Moody’s lead by downgrading the ratings of five U.S. regional banks by one grade and gave a negative outlook for others.

The credit ratings agency released an Aug. 2 research note citing recent “tough” lending conditions, which led it to cut the ratings of KeyCorp, Comerica Inc., Valley National Bancorp, UMB Financial Corp. and Associated Banc-Corp.