Last week Fitch downgraded the sovereign debt rating for the United States. And late Monday, Moody’s downgraded the ratings of several US banks. Moody’s took action on 27 banks, including downgrading the credit ratings of 10 and putting others under review or giving their ratings a negative outlook.
Many of the reasons for the actions will be familiar: Rising deposit costs and risks to commercial property and construction loans posed by the shift to remote work.
Host: Victor Menasce