S&P cuts, drops SVB Financial

S&P said it dropped its ratings for SVB Financial Group to CC from BBB- and subsidiary Silicon Valley Bank to D from BBB. The outlook was negative before the withdrawal. The agency also cut the rating on SVB Financial Group's senior unsecured debt to CC from BBB- and the rating on the preferred stock to C from BB-.

After the downgrades, S&P said it withdrew all its ratings for SVB and its subsidiary.

“We lowered our issuer credit rating on Silicon Valley Bank to D following the announcement from the California Department of Financial Protection and Innovation that it took possession of the bank and appointed the Federal Deposit Insurance Corp. (FDIC) as receiver. At the time of closing, the FDIC immediately transferred all insured deposits of Silicon Valley Bank to the newly created Deposit Insurance National Bank of Santa Clara,” the agency said in a press release.

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