Moody’s Investors Service cut its view on the entire banking system to negative from stable.
The big three rating firm cited a ”‘rapidly deteriorating operating environment” despite regulators’ efforts to shore up the industry.
The moves are important because they could impact credit ratings and thus borrowing costs for the sector.
In its downgrade of the entire sector, the rating agency noted the extraordinary actions taken to shore up impacted banks. But it said other institutions with unrealized losses or uninsured depositors still could be at risk.
Former chief executive of Home Depot described a rise in shoplifting in dire terms. “Today, this thing is an epidemic,” he said. “It’s spreading faster than COVID.” The executive joined a long list of industry leaders, from Walmart to Walgreens, encouraging police and prosecutors to crack down on theft. Retailers say they’ll be forced to raise prices or shutter affected stores without help to address a growing threat — organized bands of shoplifters ransacking stores with the intent to resell the looted merchandise.
Edited by Rogerdodger, 14 March 2023 - 01:05 PM.