Fitch downgrades several global banks

16 December 2011

Several global banks have had their credit ratings downgraded amid fears regarding the future of the financial system.

Household names in the lending industry - such as Barclays, Goldman Sachs and the Bank of America (BofA) - have all experienced a score cut from leading agency Fitch on the grounds they face "increased challenges" in the near future.

For instance, major British bank Barclays and European counterpart Credit Suisse have seen their rating drop by two notches from A to AA-.

Meanwhile, the BofA, Goldman Sachs, Citigroup and BNP Paribas experienced a decline of one notch.

According to Fitch, these updates have been made due to "economic developments as well as the myriad of regulatory changes" seen in recent times.

This comes after the agency yesterday (15 December) revealed it had downgraded European financiers such as Rabobank, Credit Agricole and Danske Bank on the basis that the eurozone crisis will continue in the coming months.

By Tony Aynsley

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