Avista plans discussed on Friday

Avista Utilities customers will have the opportunity to comment to state regulators about what the Spokane-based company calls its “integrated resource plans” for electric and natural gas service at a public hearing on Friday.

The Washington Utilities and Transportation Commission is hosting a public-comment session as part of its virtual meeting at 9:30 a.m. Friday.

Earlier this year, Avista filed its plans to address supply-and-demand expectations for the next 20 years. The UTC requires utilities to file plans every two years for how they plan to provide energy at the lowest-reasonable, according to the news release.

Rate payers can attend via Zoom by calling 253-215-8782, with meeting ID number 849 3120 1231, and passcode 267412. To be placed on the interested persons contact list, they can submit a request to records@utc.wa.gov.

Bank credit ratings drop

Moody’s Investors Service downgraded the credit ratings of 10 regional banks and put six other lenders on notice that they’re under review, the latest blow to an industry still reverberating from the March banking crisis that led three firms to collapse.

The targeted banks remain vulnerable to nervous depositors and investors, risks from higher interest rates, and a weakening commercial real estate market, the credit rating agency said.

On Wall Street, the S&P 500 Banks index slid 1.1% Tuesday.

The Dow Jones Industrial Average tumbled more than 400 points, while the S&P 500 and tech-heavy Nasdaq shed 1.1 and 1.5 percent, respectively.

The biggest bank to receive a downgrade was Buffalo-based M&T Bank, the 19th largest in the nation by assets, according to the Federal Reserve.

A number of larger banks are under review, including Bank of New York Mellon, U.S. Bancorp, State Street and Truist Financial.

“Most banks’ deposits were flat or down only modestly, but the mix worsened, with non-interest-bearing deposits declining and banks paying more for deposits,” “The resulting drop in net interest income and net interest margins eroded profitability and, thus, the ability to replenish capital internally,” Moody’s analysts Jill Cetina and Ana Arsov wrote in a note accompanying the announcement.

From staff and wire reports