Fitch cites growth concerns among reason behind slew of bank downgrades
Ratings agency Fitch has downgraded various major banks across Europe and the US, citing concerns about a lack of global growth, and increased regulation on the sector.
It cited “increased challenges” in the financial markets to banks, coming from growth concerns and “a myriad of regulatory changes”.
Barclays and Credit Suisse suffered cuts from AA- to A.
One notch demotions hit BNP Paribas, Deutsche Bank and US rivals Bank of America Corp, Citigroup, and Goldman Sachs Group.
Banque Federative du Credit Mutuel was cut from AA- to A+.
Credit Agricole went from AA minus to A+.
Danske Bank moved from A+ to A.
OP Pohjola Group changed from AA minus to A+
Rabobank’s rating changed from AA+ to AA.
Fitch’s moves follow a series of bank downgrades by its rival Standard & Poor’s last month.
Recently ratings agency Moody’s downgraded France’s three biggest banks.