International rating agency Fitch Ratings downgraded Signature Bank’s long-term corporate rating from “BBB+” to “D”. Bangkok Post.
The downgrade came after state regulators closed the New York bank on Sunday, according to the publication.
Signature Bank’s corporate ratings were also downgraded from ‘F2’ to ‘D’. Assets and deposits were transferred to the successor bank Signature Bridge Bank.
“Fitch Ratings later withdraws Signature Bank’s ratings as the bank is under regulatory oversight,” the statement said.
Paul Craig Roberts, formerly Deputy Under Secretary of the Treasury in the Ronald Reagan Administration aforementionedThe United States banking system is insecure “because the five largest U.S. banks risk losing twice the world’s GDP.”