S&P downgrades five U.S. banks to negative due to large commercial real estate exposure

S&P downgrades the rating outlook of five regional U.S. banks to negative due to their large exposure to commercial real estate - RTHK

5 banks whose ratings were downgraded

Includes First Commonwealth Financial, M&T Bank, Synovus Financial, Trustmark and Valley National Bancorp. S&P said pressure on the commercial real estate market,...

First Commonwealth Financial

First Commonwealth Financial was one of the banks to be downgraded. S&P noted that the bank faces greater risks in the commercial real estate sector, which resulted in a negative revision to the rating outlook.

M&T Bank

M&T Bank is also among the banks affected. S&P expressed concern about its commercial real estate exposure, which in turn led to a downgrade of the rating outlook.

Synovus Financial

For Synovus Financial, S&P believes that its performance in the commercial real estate market is poor, which resulted in a negative adjustment to the rating outlook.

Trustmark

Trustmark was also affected by the downgrade of its rating outlook. S&P cited the bank's greater exposure to commercial real estate as the main reason for the downgraded outlook.

Valley National Bancorp

Valley National Bancorp is another bank affected by the outlook downgrade. S&P said the bank's rating outlook was revised to negative amid pressure in the commercial real estate market.