Fitch downgrades and withdraws Signature Bank's ratings
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A person departs a Signature Bank branch in New York City, U.S., March 13, 2023. REUTERS/David 'Dee' Delgado
(Reuters) - Rating agency Fitch on Monday downgraded Signature Bank's long-term corporate ratings to 'D' from 'BBB+' after state regulators closed the New York-based bank on Sunday.
Signature Bank's short-term corporate ratings were also downgraded to 'D' from 'F2', Fitch said, adding that all assets and deposits have transferred to Signature Bridge Bank, a successor bank operated by the FDIC.
"Fitch Ratings is subsequently withdrawing the ratings of Signature Bank as the bank is under regulatory supervision," it said in a statement on Monday.
(Reporting by Akriti Sharma in Bengaluru; Editing by Chris Reese)
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