Standard & Poor's Global downgraded the credit rating and outlook of a number of regional banks in the United States, noting that the high financing costs and the problems facing the commercial real estate sector pose a challenge to the credit strength of American banks.

The agency announced the downgrading of its credit rating of the Associated Bank and Valley National due to the presence of financing risks and their increased reliance on intermediary deposits, while it downgraded the rating of UMB Financial, Comerica and KeyCorp due to the increase in deposit exits and interest rates. As a result, the shares of KeyCorp Bank fell by 1 percent, while the shares of Comerica, Valley National, UMB Financial and Associated Bank fell between 0.3 and 0.8 percent.

Source: Qatar News Agency