Fitch downgrades and withdraws Signature Bank’s ratings

Signature Bank in New York City

(Reuters) – Rating agency Fitch on Monday downgraded Signature Bank’s long-term corporate ratings to ‘D’ from ‘BBB+’ after state regulators closed the New York-based bank on Sunday.

Signature Bank’s short-term corporate ratings were also downgraded to ‘D’ from ‘F2’, Fitch said, adding that all assets and deposits have transferred to Signature Bridge Bank, a successor bank operated by the FDIC.

“Fitch Ratings is subsequently withdrawing the ratings of Signature Bank as the bank is under regulatory supervision,” it said in a statement on Monday.

(Reporting by Akriti Sharma in Bengaluru; Editing by Chris Reese)