Moody’s Whacks 23 Banks

  • JJ Hornblass
  • March 13, 2009
  • 1

Moody’s said today that “higher than previously expected credit losses” (what did Moody’s previously expect, zero credit losses — but I digress) has led the rating agency to put 23 banks on watch for lower ratings.

Banks looking at a one-notch downgrades include:

Astoria Financial, BancWest, BB&T, BMW Bank of North America, Capital One Financial Corp., Citizens Republic Bancorp, Inc., First Citizens BancShares, Inc., Fulton Financial Corporation, KeyCorp, M&T Bank Corporation, Pacific Capital Bancorp, PNC Financial Services Group, Inc., South Financial Group, Inc., Susquehanna Bancshares, Inc., Trustmark Corporation, U.S. Bancorp, United Bankshares, Inc.

Banks that will likely see a two notch downgrade include:

Fifth Third Bancorp, Huntington Bancshares Incorporated, SunTrust Banks, Inc., Synovus Financial Corp., UCBH Holdings, Inc., UnionBanCal Corporation, Western Alliance Bancorporation, Wilmington Trust Corporation.

And lastly, banks that will suffer a three notch downgrade include:

BBVAPR Holding Corporation, Colonial BancGroup, Inc., Compass Bancshares, Inc., Zions Bancorporation

I’ll say one thing: US Bancorp’s Richard Davis is going to blow a f***ing gasket.

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JJ started the first iteration of Bank Innovation back in 2007, and has been working on it ever since. He also serves as President & Chief Executive Officer of Royal Media, Bank Innovation’s parent. He founded Royal in 1995 and oversees all aspects of the New York-based diversified media company. Prior to forming Royal, JJ was on the editorial staff of American Banker, the daily newspaper, and worked as an editor of a business magazine in Hong Kong. As a reporter and editor, he has won journalism awards from the National Press Foundation, Newsletter & Electronic Publishers Foundation, and the Reader’s Digest Foundation. He has a BS in Economics from Yeshiva University and a Master’s from the Columbia University Graduate School of Journalism. He was also a Fellow at the University of Wisconsin-Madison Graduate School of Banking. He lives in New York City with his wife, two daughters, and son. He counts among his accomplishments one New York City Marathon, two New York City Triathlons and the 2010 Father’s Day 5K, the first race he ever ran with his daughters. He can be reached at or 212-564-8972.

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One thought on “Moody’s Whacks 23 Banks

  1. I’m going to blow a gasket, too!

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