S&P Global cuts ratings on several US banks

Follows similar move by Moody's

S&P Global Ratings has downgraded and revised its outlook for multiple US banks, citing "tougher" operating conditions.

The move follows similar action by Moody's, warning funding risks and weaker profitability will likely test the sector's credit strength. S&P downgraded the ratings of Associated Banc-Corp and Valley National Bancorp on funding risks and a higher reliance on brokered deposits. It also downgraded UMB Financial Corp, Comerica Bank and Keycorp, citing large deposit outflows and prevailing higher interest rates. Moody's downgrades several regional US banks Weighing on many US banks' funding and liquidity is the sharp rise in interest rates, the S&P note said. Deposits held by Federa...