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Following the biggest bank failure since the financial crisis of 2008, Moody’s Investor Service has downgraded its rating of the U.S. banking system in the latest sign that President Biden’s Monday morning attempt to assuage concerns went over like a lead balloon.
BREAKING‼️🇺🇸 Moody’s cuts outlook on entire U.S. banking system to negative, citing ‘rapidly deteriorating operating environment’ – CNBC pic.twitter.com/rzpAYcwwav
— Radar🚨 (@RadarHits) March 14, 2023
Moody’s — one of three major rating entities — downgraded its outlook for the U.S. banking system from “stable” to “negative” on Tuesday morning “to reflect the rapid deterioration in the operating environment following deposit runs at Silicon Valley Bank (SVB), Silvergate Bank, and Signature Bank (SNY) and the failures of SVB and SNY,” Moody’s explained.
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