
Stock Market Slumps Amid S&P’s Bank Downgrades
Ratings drops affect Comerica and KeyCorp, following Moody’s negative actions on lenders two weeks ago.
Ratings drops affect Comerica and KeyCorp, following Moody’s negative actions on lenders two weeks ago.
Those stocks, such as Altria and Verizon, carry the top yields, but their flagging prices negate the sweet payouts, according to Bespoke.
Post-SVB, most thought all was well with the banking system, but the rating agency sees worrisome weaknesses.
CEO Nicolai Tangen acknowledged that Norges Bank Investment Management ‘lost a considerable sum’ from the Silicon Valley Bank failure.
Magnus Billing lost the confidence of the pension fund’s board, and Katarina Thorslund has been named acting CEO.
Liselott Ledin was placed on leave after Sweden’s largest pension fund lost almost $2 billion during recent U.S. banking failures.
How reduced office occupancies and other obstacles slam the CMBS market.