Stock Quote Search
Latest News
- As Facebook's Stock Struggles, Fingers Start Pointing
- Gupta ‘Threw Away His Duties,' Prosecutor Says
- Jobs Vary by State, Showing Why Education Matters
- New York Investigates Insurer Payments to Banks
- Fitch Cuts Japan Debt Rating
- OECD Warns of 'Severe Recession' in Eurozone
- Crude Falls on Weak Eurozone Growth Outlook
- Shale Glut Means $1-a-Gallon Savings at the Pump
- After Yahoo Deal, Challenges Abound for Alibaba
- Bon-Ton's Loss Widens, Outlook Cut - Analyst Blog
Site Search
Fitch Downgrades Five European Banks
Created on Wednesday, 14 December 2011 15:23Category: Upgrades & Downgrades
Fitch Ratings downgraded its credit ratings on five major European commercial banks and banking groups Wednesday as part of a broader review of its ratings on the largest banks in the world.
In a press release, the rating firm said it downgraded Banque Federative du Credit Mutuel, Credit
The firm said the downgrades reflect the "broader phenomenon of stronger headwinds facing the banking industry as a whole. Exposure to troubled euro zone countries through their subsidiaries was a direct consideration in the downgrades of Danske Bank and Credit Agricole."
For the other banks, Fitch said the crisis had "negative indirect consequences."
Capital markets, "in particular interbank markets, are not functioning effectively, and, along with more global factors, the crisis is driving economic slowdown," according to Fitch.
More From CNBC
Courtesy Yahoo Financial News