Moody’s Announces Massive Downgrade Review for 23 US Regional Banks

March 12, 2009

From ZeroHedge:

Moody’s action is based on the expectation for higher credit losses than previously anticipated and banks ratings most likely to be affected are those with significant commercial real estate exposure, specifically construction and land development.

Banks facing a possible one-notch downgrade include:

Astoria Financial, BancWest, B&T, BMW Bank of North America, Capital One Financial Corp., Citizens Republic Bancorp, Inc., First Citizens BancShares, Inc., Fulton Financial Corporation, KeyCorp, M&T Bank Corporation, Pacific Capital Bancorp, PNC Financial Services Group, Inc., South Financial Group, Inc., Susquehanna Bancshares, Inc., Trustmark Corporation, U.S. Bancorp, United Bankshares, Inc.

Banks facing a possible two notch downgrade include:

Fifth Third Bancorp, Huntington Bancshares Incorporated, SunTrust Banks, Inc., Synovus Financial Corp., UCBH Holdings, Inc., UnionBanCal Corporation, Western Alliance Bancorporation, Wilmington Trust Corporation.

Banks that are expected to receive a three notch downgrade include:

BBVAPR Holding Corporation, Colonial BancGroup, Inc., Compass Bancshares, Inc., Zions Bancorporation.

Check out Zero Hedge’s post here, and has shared this link to the document:

Moody’s reviews US regional bank ratings

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