Moody's (MCO) said yesterday that "higher than previously expected credit losses" (what did Moody's previously expect, zero credit losses? - but I digress) has led the rating agency to put 23 banks on watch for lower ratings.
Banks looking at a one-notch downgrades include:
Astoria Financial (AF), BancWest, BB&T (BBT), BMW Bank of North America, Capital One Financial Corp. (COF), Citizens Republic Bancorp, Inc. (CRBC), First Citizens BancShares, Inc. (OTC:CTZN), Fulton Financial Corporation (FULT), KeyCorp (KEY), M&T Bank Corporation (MTB), Pacific Capital Bancorp (PCBC), PNC Financial Services Group, Inc. (PNC), South Financial Group, Inc. (TSFG), Susquehanna Bancshares, Inc. (SUSQ), Trustmark Corporation (TRMK), U.S. Bancorp (USB), United Bankshares, Inc (UBCP).
Banks that will likely see a two notch downgrade include:
Fifth Third Bancorp (FIFTB), Huntington Bancshares Incorporated (HBAN), SunTrust Banks, Inc. (STI), Synovus Financial Corp. (SNV), UCBH Holdings, Inc. (UCBH), UnionBanCal Corporation (UB), Western Alliance Bancorporation (WAL), Wilmington Trust Corporation (WL).
And lastly, banks that will suffer a three notch downgrade include:
I'll say one thing: US Bancorp's Richard Davis is going to blow a f***ing gasket.