Moody’s downgrades credit ratings on Silicon Valley Bank, SVB Financial

(Reuters) – Rating’s agency Moody’s on Friday downgraded the ratings of SVB Financial Group and its bank subsidiary, Silicon Valley Bank.

Moody’s slashed its credit ratings on Silicon Valley Bank’s long-term local currency bank deposit to Caa2 from A1 and issuer ratings to C from Baa1.

S&P Global earlier today slashed credit ratings on SVB Financial Group and Silicon Valley Bank to junk territory and said that it expects SVB Financial to enter bankruptcy.

(Reporting by Akanksha Khushi in Bengaluru; Editing by Sandra Maler)