by Helena Kelly at Daily Mail
- Moody’s has downgraded ten regional banks – sparking chaos across the sector
- It comes after the US saw its credit rating downgraded from AAA to AA+
- Here Dailymail.com explains what the news means for YOU
America’s banking sector is in a state of flux after ten regional firms had their credit ratings slashed by Moody’s.
Five months after the spectacular collapse of Silicon Valley Bank (SVB), the downgradings serve as a reminder that the US economy still has challenges ahead. A further six banks were put on review for a downgrade.
Explaining the decision, Ana Arsov – managing director of financial institutions at Moody’s – said: ‘What we’re doing here is recognizing some headwinds. We’re not saying that the banking system is broken.’
It comes after the US saw its long-term AAA rating cut to AA+ by Fitch Ratings.
But what does it mean for customers? Are you safe to keep your money in a bank that has been downgraded? Here Dailymail.com explains how the latest news affects you…
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