Western Alliance Bancorp stock WAL fell 8% in premarket trades after credit rating agency Fitch Ratings placed the company’s debt and deposit ratings on rating watch negative. Fitch analysts said current market conditions “have created liquidity stresses outside the baseline assumptions.” Fitch said it’s considering the assignment of a negative or stable outlook depending on market conditions and the impact to the bank’s deposit franchise, long-term earning power and capitalization.
Western Alliance Bancorp stock WAL fell 8% in premarket trades after credit rating agency Fitch Ratings placed the company’s debt and deposit ratings on rating watch negative. Fitch analysts said current market conditions “have created liquidity stresses outside the baseline assumptions.” Fitch said it’s considering the assignment of a negative or stable outlook depending on market conditions and the impact to the bank’s deposit franchise, long-term earning power and capitalization.