In a surprise move, global rating agency Fitch downgraded the US government’s credit rating from AAA to AA+ on Tuesday. In a report released on its website, the ratings agency cited expected fiscal deterioration over the coming three years, a high and growing government debt burden and “erosion of governance… that has manifested in repeated…
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China’s oldest credit rating agency, Chengxin International Credit Rating (CCXI), made headlines this week by downgrading the United States’ credit rating. The agency lowered the rating from AAAg to AAg+ and attributed this decision to the escalating political discord, rising inflation, and the ongoing impasse over the debt ceiling. U.S. Credit Rating Suffers Downgrade by…
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The investment bank downgraded Coinbase stock to “Neutral” amid the exchange’s ongoing battle with U.S. regulators. Crypto exchange Coinbase’s stock price will continue to be “weighed down” until regulators establish the legal “rules of the road” in the United States, according to investment analysts from Citi. As per reports on May 1, the investment bank…
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After the tumultuous downfall of three major banks, namely Silvergate Bank, Silicon Valley Bank, and Signature Bank, several central banks made a collaborative announcement of a swift, coordinated emergency response. The intervention aimed to furnish U.S. dollar liquidity, with the intention of alleviating the impact of such severe shocks on the flow of credit to…
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After UBS acquired Credit Suisse and close to a dozen financial institutions injected $30 billion into First Republic Bank four days ago, S&P Global downgraded First Republic’s shares to junk status on Sunday. Investors are concerned that the cash infusion from 11 major financial institutions may not address the bank’s liquidity issues. First Republic’s shares…
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After the failure of three major U.S. banks last week, with two of them being the second and third largest banking failures in the country, Moody’s Investors Service has downgraded the rating of the U.S. banking system from “stable” to “negative.” As one of the “Big Three” credit rating firms, Moody’s cited a “rapid deterioration…
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On March 2, 2023, the cryptocurrency exchange Coinbase announced that, in light of recent developments, the company is “no longer accepting or initiating payments to or from Silvergate Bank.” The news follows the crypto bank’s delay of its annual 10-K filing with the U.S. Securities and Exchange Commission (SEC) and JPMorgan’s downgrade of the company’s…
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Coinbase Global sees its credit rating downgraded by S&P Global amid regulatory pressures, weakened market performance and competitors. Major American cryptocurrency exchange Coinbase saw its long-term issuer credit rating downgraded from BB+ to BB status by rating agency S&P Global following its latest earnings report this year. The agency confirmed the downgrade in a note…
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All of the ‘Big Three’ credit agencies have said that El Salvador’s adoption of bitcoin could affect the country’s credit rating in a negative manner. After both Moody’s and Fitch Ratings published reports on the matter in El Salvador, S&P Global said that the bitcoin adoption has had “immediate negative implications for its credit rating.”…
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