According to S&P Global Ratings, Asia-Pacific banks are well-equipped to withstand potential contagion effects resulting from the collapse of Silicon Valley Bank (SVB). S&P Global Ratings has stated that direct exposures are minimal, and any secondary impacts are controllable. Out of the approximately 380 banks and non-bank financial institutions that the agency rates in the region, S&P Global Ratings does not expect any rating actions to be taken directly connected to the SVB default. SVB's recent failure is the largest of any bank in the United States since the global financial crisis in 2008. Its abrupt shutdown caused market instability and raised concerns about its potential impact on the global banking industry. S&P Global Ratings indicates that of the 18 banking jurisdictions evaluated in the Asia-Pacific region, economic risk trends are stable in 17 of them. New Zealand is the only jurisdiction with negative economic risk trends.