Moody's warns of negative outlook for US and Canadian banking systems.

Moody's has downgraded its outlook on the entire US banking system from stable to negative, citing the "rapidly deteriorating operating environment" following deposit runs at Silicon Valley Bank, Silvergate Bank, and Signature Bank, and the failures of SVB and SNY. The move could impact credit ratings and borrowing costs for the sector. The Federal Reserve has established a facility to ensure that institutions hit with liquidity problems would have access to cash, and the Treasury Department has backstopped the program with $25 billion in funds. However, Moody's warns that banks with substantial unrealized securities losses and with non-retail and uninsured US depositors may still be at risk.