S&P Global downgrades outlooks on five regional US banks to ‘negative’

Ratings agency S&P Global on Tuesday downgraded its outlooks for five regional U.S. banks to due to their commercial real estate (CRE) exposures, in a move likely to reignite investor concerns about the health of the sector.

The ratings agency downgraded the outlook for First Commonwealth Financial, M&T Bank, Synovus Financial, Trustmark and Valley National Bancorp to “negative” from “stable,” it said.

“The negative outlook revisions reflect the possibility that stress in CRE markets may hurt the asset quality and performance of the five banks, which have some of the highest exposures to CRE loans among banks we rate,” S&P said.


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