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(Reuters) – Score’s company Moody’s on Friday downgraded the rankings of SVB Monetary Group and its financial institution subsidiary, Silicon Valley Financial institution.
Moody’s slashed its credit score rankings on Silicon Valley Financial institution’s long-term native forex financial institution deposit to Caa2 from A1 and issuer rankings to C from Baa1.
S&P World earlier at present slashed credit score rankings on SVB Monetary Group and Silicon Valley Financial institution to junk territory and stated that it expects SVB Monetary to enter chapter.
(Reporting by Akanksha Khushi in Bengaluru; Modifying by Sandra Maler)