Big three credit rating agency S&P Global Ratings downgraded five major U.S. banks late Monday.
S&P reportedly slashed the ratings of KeyCorp, Comerica Inc., Valley National Bancorp, UMB Financial Corp. and Associated Banc-Corp by one notch each.
According to S&P, 90% of the banks’ agency rates have a stable outlook while the remaining 10% are negative.
The move comes just two weeks after a similar series of U.S. bank downgrades by fellow major credit ratings agency Moody’s.
