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Moody's: SVB Financial view to negative
Moody's Investors Service said it changed the outlook of SVB Financial Group to negative from stable and affirmed its ratings.
SVB has an A3 senior unsecured debt rating and Silicon Valley Bank, its bank subsidiary, is rated C+/a2 for standalone bank financial strength/baseline credit assessment, A2 for long-term deposits and Prime-1 for short-term deposits.
Moody's said the change in outlook is based on SVB's above-average loan growth and its loan concentrations to the technology industry and to individual clients.
SVB's average loan growth was about 30% in 2012 and is expected to be in the low twenty percent range in 2013, which is significantly higher than peers as well as the growth of the United States economy.
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