US Bank Shares Drop as Moody’s Cuts Ratings, Warns on Risks
- Rating company downgrades 10 lenders, citing dimmer outlook
- U.S. Bancorp, BNY Mellon among six firms facing potential cuts
US bank stocks declined after Moody’s Investors Service lowered its ratings for 10 small and midsize lenders and said it may downgrade major firms including U.S. Bancorp, Bank of New York Mellon Corp., State Street Corp., and Truist Financial Corp.
Higher funding costs, potential regulatory capital weaknesses and rising risks tied to commercial real estate are among strains prompting the review, Moody’s said late Monday.
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US Bank Shares Drop as Moody’s Cuts Ratings, Warns on Risks