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Moody’s downgrades credit ratings on Silicon Valley Bank, SVB Financial



© Reuters. A sign for Silicon Valley Bank is seen in Menlo Park, California U.S., March 10, 2023. REUTERS/Michaela Vatcheva

(Reuters) – Rating’s agency Moody’s (NYSE:) on Friday downgraded the ratings of SVB Financial Group and its bank subsidiary, Silicon Valley Bank.

Moody’s slashed its credit ratings on Silicon Valley Bank’s long-term local currency bank deposit to Caa2 from A1 and issuer ratings to C from Baa1.

S&P Global (NYSE:) earlier today slashed credit ratings on SVB Financial Group and Silicon Valley Bank to junk territory and said that it expects SVB Financial to enter bankruptcy.

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