Fitch downgrades seven global banks
Fitch cut long-term ratings on Barclays Plc and Credit Suisse AG, by two notches to 'A' from 'AA-.'
The agency cut by one notch its long-term ratings on Bank of America Corp, BNP Paribas, Citigroup, Deutsche Bank AG and Goldman Sachs Group.
The financial market challenges the banks face "result from both economic developments as well as a myriad of regulatory changes," Fitch said in an announcement issued shortly after regular market hours in New York.
In a separate announcement about the downgrade of Citigroup, Fitch cited "policy momentum" against using taxpayer money to support banks during a crisis.
Fitch's actions follow downgrades by Standard & Poor's of several major banks at the end of last month. S&P's moves came as part of an overhaul of its ratings methods to incorporate lessons learned in the financial crisis. Moody's also issued downgrades recently.
Jerry Dubrowski, a spokesman for Bank of America, which has had ratings cut by all three agencies, said in an email, "This decision is driven more by concerns about the global economy than the specific credit quality of Bank of America. We continue to maintain strong liquidity levels and to build capital."
Fitch on Thursday also affirmed its long-term 'A' ratings on JPMorgan Chase & Co, Morgan Stanley and UBS AG, as well as its 'A+' rating on Societe Generale.
More from India
More from World
More from Sports
More from Entertaiment
- 7th Pay Commission recommends 23.55% hike in salary for central govt employees; minimum salary set at Rs 18,000 per month
- Shocking fact of pay 'hike' in 7th Pay Commission recommendations!
- Full Report of 7th Pay Commission
- E-commerce war: Paytm Diwali sale offers 100% cashback on 25 million products
- Unbelievable! Clean and healthy meals on Indian Railways at just Rs 20