Moody’s downgraded the banking system rating. Don’t be afraid–pray the faith-filled prayers in IFA’s new prayer guide on the banking crisis.

From CNBC. In a harsh blow to an already-reeling sector, Moody’s Investors Service cut its view on the entire banking system to negative from stable.

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The firm, part of the big three rating services, said Monday it was making the move in light of key bank failures that prompted regulators to step in Sunday with a dramatic rescue plan for depositors and other institutions impacted by the crisis.

“We have changed to negative from stable our outlook on the US banking system to reflect the rapid deterioration in the operating environment following deposit runs at Silicon Valley Bank (SVB), Silvergate Bank, and Signature Bank (SNY) and the failures of SVB and SNY,” Moody’s said in a report.

The move followed action late Monday, when Moody’s warned it either was downgrading or placing on review for downgrade seven individual institutions.

The moves are important because they could impact credit ratings and thus borrowing costs for the sector. …

Moody’s on Monday downgraded Signature Bank and said it would remove all ratings. It placed the following institutions under review for potential downgrades: First Republic, Intrust Financial, UMB, Zions Bancorp, Western Alliance and Comerica. …

The firm said it expects the U.S. economy to fall into recession later this year, further pressuring the industry.

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(Excerpt from CNBC. Photo Credit: Canva)