A sign for Silicon Valley Bank is seen in Menlo Park, California U.S., March 10, 2023. REUTERS/Michaela Vatcheva
(Reuters) – Rating’s agency Moody’s (NYSE:MCO) on Friday downgraded the ratings of SVB Financial Group and its bank subsidiary, Silicon Valley Bank.
Moody’s slashed its credit ratings on Silicon Valley Bank’s long-term local currency bank deposit to Caa2 from A1 and issuer ratings to C from Baa1.
S&P Global (NYSE:SPGI) earlier today slashed credit ratings on SVB Financial Group and Silicon Valley Bank to junk territory and said that it expects SVB Financial to enter bankruptcy.