Moody's Downgrades Multiple US Banks, Raises Concerns for Others

Moody's has downgraded the credit ratings of 10 US banks and placed several major lenders on review for potential downgrades, citing growing profitability pressures and the looming possibility of a mild recession. The agency also changed its outlook to negative for several major lenders, including Capital One, Citizens Financial, and Fifth Third Bancorp. The downgraded banks include M&T Bank, Pinnacle Financial Partners, Prosperity Bank, and BOK Financial Corp. Moody's assessment changes affect a total of 27 banks in the sector.