In explaining its rationale for the downgrades, S&P noted in a report on Monday that banks are facing risks that could make them “less resilient than similarly rated peers.” Finance and stock market expert Jim Cramer, who co-founded TheStreet, and his team of financial experts will stay on to continue their influential work with the brand, while Maven’s new Sports Illustrated expert fantasy team will partner with Cramer Digital on a new subscription product to be distributed on TheStreet. S&P Global Ratings is downgrading the credit ratings of five banks, including some of the nation’s largest lenders.
- According to the park service, bystanders saw Peter Hayes Robino, 57, of Duarte, in Los Angeles County, stumble when he got back to the Natural Bridge Trailhead after a one-mile roundtrip on August 1.
- The Company disclaims any obligation to update these forward-looking statements, whether as a result of new information, future developments or otherwise.
- Today’s higher borrowing costs mean that banks must pay more interest to depositors, while the value of some bond assets have slumped.
- Regulatory backstops such as FDIC insurance, as well as the steps that U.S. regulators took when banks such as Silicon Valley Bank collapsed, should reassure consumers, J.D.
- “My condolences go out to Mr. Robino’s family and friends,” said Superintendent Mike Reynolds, who was one of the EMTs who responded.
- Dallas-based Comerica is No. 31 in the nation, with $90 billion in assets, while Cleveland-based KeyCorp is 20th, with $192 billion.
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The credit ratings agency maintained stable outlooks on Synovus and Truist, which are based in Columbus, Georgia, and Charlotte, North Carolina, respectively. Synovus, the 39th largest bank, has $60 billion in assets, while Truist is the seventh-largest bank with $546 billion. The move comes only two weeks after Moody’s cut the credit ratings of 10 small and midsize banks because of growing financial risks and strains that could erode their profitability. Both credit ratings agencies are taking the steps in the wake of a banking crisis that began in March when Silicon Valley Bank, once the country’s 16th largest bank, collapsed just days after depositors grew fearful of its solvency and made a classic bank run. This press release contains forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements include statements regarding planned investments in our business and expectations for 2019.
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Dallas-based Comerica is No. 31 in the nation, with $90 billion in assets, while Cleveland-based KeyCorp is 20th, with $192 billion. TheStreet will be the hub and brand of Maven’s finance vertical, combining with Maven’s growing roster of expert financial journalists operating hyper-focused category destinations, ranging from equities and bonds to crypto and taxes. TheStreet brings its 20-year editorial tradition, strong subscription platform and valuable membership base to Maven, and will benefit from Maven’s mobile-friendly CMS, social, video and monetization technology. The credit agency pointed to “tough operating conditions” that are straining the banking industry and also lowered its rating for two other banks.
Maven Closes Acquisition of TheStreet, New Jim Cramer Deal Announced
As part of the closing, Maven and Cramer are announcing a new partnership between TheStreet and Cramer Digital, a new production company featuring the digital rights and content created by Cramer and his team. The partnership will allow Cramer to continue his subscription and content offerings, under his editorial control. Experts say that while the downgrades underscore the increased risks facing some lenders, most depositors have nothing to worry about. It maintained a negative outlook on Zions Banc, which is based in Salt Lake City and is the 32nd largest U.S. bank with $87 billion in assets. “The sharp rise in interest rates and quantitative tightening deployed since March 2022 to combat high inflation are weighing on many U.S. banks’ funding, liquidity and spread income,” S&P said in its report.
“These factors have also caused the value of banks’ assets to fall and raised the odds of asset quality deterioration.” Underpinning the banking downgrades is a drastically changed lending environment compared with early 2022, before the Federal Reserve began driving up interest rates to fight high inflation. Today’s higher borrowing costs mean that banks must pay more interest to depositors, while the value of some bond assets have slumped.
It was the second heat-related death this year in the park known for scorching summer temperatures. S&P on Monday noted that while it was taking actions on several banks, “most U.S. bank rating outlooks are stable.” River City Bank, based in Sacramento, California, is the 257th largest U.S. bank, with $4.3 billion in assets. S&P said it reviewed these 10 banks because it believes they have “potential risks in multiple areas.” “My condolences go out to Mr. Robino’s family and friends,” said Superintendent Mike Reynolds, who was one of the EMTs who responded. “His death serves as a reminder not to underestimate the dangers of extreme heat.”
As previously stated, the combined companies are expected to profitably generate more than $50 million in revenue over the next four quarters, plus additional revenue expected from the recently announced Sports Illustrated publishing agreement.
Such forward-looking statements are subject to risks and uncertainties, including those described in the Company’s filings with the Securities and Exchange Commission (“SEC”) that could cause actual results to differ materially from those reflected in the forward-looking statements. Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, the Company cannot guarantee future results or occurrences. The Company disclaims any obligation to update these forward-looking statements, whether as a result of new information, future developments or otherwise. Maven (maven.io) is a coalition of Mavens, from individual thought-leaders to world-leading independent publishers, operating on a shared digital publishing, monetization and distribution platform, unified under a single media brand. Comerica and KeyCorp, which operates under KeyBank, are among the nation’s largest banks, according to industry data.
“A bystander left to call 911. Other bystanders helped Robino walk back to the parking lot and provided shade,” the park service said. Regulatory backstops such as FDIC insurance, as well as the steps that U.S. regulators took when banks such as Silicon Valley Bank collapsed, should reassure consumers, J.D. According to the park service, bystanders saw Peter Hayes Robino, 57, of Duarte, in Los Angeles County, stumble when he got back to the Natural Bridge Trailhead after a one-mile roundtrip on August 1. A man who drove his car off a steep 20-foot embankment at the edge of a parking lot in Death Valley National Park died of heat exposure later that day, the National Park Service said Monday.