Uploaded by FinancialNewsOnline on Dec 16, 2011
Fitch Ratings, the third largest credit rating agency, has downgraded Goldman Sachs, Deutsche Bank, Bank of America, BNP Paribas, and Citigroup by one notch in its long-term ratings, citing "increased challenges" in the financial markets.
Fitch also cut long-term ratings on Barclays Plc and Credit Suisse AG by two notches to 'A' from 'AA-'.
In an announcement Fitch stated the financial market challenges the banks face "result from both economic developments as well as a myriad of regulatory changes." Referring to the Citigroup downgrade, the agency cited, "policy momentum" against using taxpayer money to support banks during a crisis.
Fitch also cut long-term ratings on Barclays Plc and Credit Suisse AG by two notches to 'A' from 'AA-'.
In an announcement Fitch stated the financial market challenges the banks face "result from both economic developments as well as a myriad of regulatory changes." Referring to the Citigroup downgrade, the agency cited, "policy momentum" against using taxpayer money to support banks during a crisis.
