….and it’s gone
S&P downgrades the credit ratings of 5 banks including Comerica and Keycorp.
Not surprising given the equity 47.33 price for Comerica’s equity is the same at is was in 1997, and Keycorp’s $10.87 price is the same as it was in 1991.
Dead money for 25 and 32 years respectively, save for the dividends.
It appears that Moody’s and now S&P feel that if you could not get your financial house in order as rates went from 20% to zero…you aren’t going to.