Fitch stabilizes Signature Bank view

Fitch Ratings said it changed the outlook to stable from negative and affirmed Signature Bank's (SBNY) long-term issuer default rating at BBB+.

“The revision of SBNY's outlook to stable was largely driven by an improved operating environment in metropolitan New York. While uncertainty remains about the long-term effects of the pandemic, Fitch believes that downside risks have stabilized for the rent-stabilized multifamily segment, which makes up 26% of SBNY's portfolio at 3Q21. Retail and office commercial real estate (CRE) which together equal to 34% of loans, still face challenges in Fitch's view,” the agency said in a press release.

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