Moody's Downgrades Credit Ratings of 10 U.S. Regional Banks

, the first bank that was poised for collapse in spring’s cycle of failure, blamed the troubles on “a combination of extremely poor bank management, weakened regulations, and lax government supervision.”and said it was reviewing the ratings of six other institutions. The service explained it was concerned that the banks suffered from the same weaknesses in the banks as the ones we reported on earlier this year.

Shares of M&T Bank , Pinnacle Financial Partners and Commerce Bancshares —among the banks Moody’s downgraded—were all down 2% or more in morning trading All the cuts were by a single notch, and all the banks remained investment-grade…. The Moody’s action suggests the U.S. banking sector remains vulnerable to the problems that stirred a banking panic and brought down several smaller lenders, including Silicon Valley Bank, earlier this year. Those challenges include devalued bonds, jittery investors, customer-deposit withdrawals and higher funding costs.The firm lowered the ratings of 10 banks by one rung, while major lenders Bank of New York Mellon, U.S.

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