Lack of exposure to the crisis has mitigated the impact for European banks, a statement from the service said.
It said: "Europe's large banks are able to post solid firm-wide results despite write-downs resulting from the severe decline in prices and evaporation of liquidity within the sub-prime sector.
"Smaller players that have significant direct or indirect exposures to the sub-prime sector may find that their liquidity, risk management capabilities or financial resources are less adequate to absorb any valuation adjustments and corresponding liquidity requirements."
News of the projections comes after Swiss bank Credit Suisse this week posted profits of $2.7 billion, with a statement accompanying the results adding that it had reduced its sub-prime business so that it currently makes up two per cent of its total investment banking revenues.
Societie Generale, BNP Paribas and Deutsche Bank also all delivered positive interim performances.