Fitch downgrades and withdraws Signature Bank’s ratings
7:01 pm Monday, March 13th, 2023
(Reuters) – Rating agency Fitch on Monday downgraded Signature Bank’s long-term corporate ratings to ‘D’ from ‘BBB+’ after state regulators closed the New York-based bank on Sunday.
Signature Bank’s short-term corporate ratings were also downgraded to ‘D’ from ‘F2’, Fitch said, adding that all assets and deposits have transferred to Signature Bridge Bank, a successor bank operated by the FDIC.
“Fitch Ratings is subsequently withdrawing the ratings of Signature Bank as the bank is under regulatory supervision,” it said in a statement on Monday.
(Reporting by Akriti Sharma in Bengaluru; Editing by Chris Reese)
