Marc Pinto, head of global private credit at Moody's, reportedly dismissed concerns about credit quality in the U.S. banking system on Friday, stating it is in good shape.

During an interview with CNBC, Pinto stated that there is little evidence of deterioration in the asset quality in the banking system as a whole.“When we dig deeper here and look to see if there's a turn in the credit cycle, which is effectively what the market seems to be focusing on, we can find no evidence,” Pinto said.

Pinto's comments come after a selloff in shares of Jefferies Financial Group Inc. (JEF), Western Alliance Bancorp (WAL), and Zions Bancorp NA (ZION) on Thursday. Jefferies had reported earlier this week that it has“limited” exposure to First Brands, an auto parts supplier that declared bankruptcy in September.

“In August, the bank initiated a lawsuit alleging fraud by the borrower in failing to provide collateral loans in first position, among other claims,” Western Alliance said in a filing with the U.S. Securities and Exchange Commission (SEC). At the same time, Zions Bancorp stated that it would take a $50 million charge-off tied to commercial and industrial loans.

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