Fitch: More Than Dozen Banks May Get Rate Cut

http://www.bloomberg.com/news/2011-10-13/ubs-rbs-ratings-cut-as-fitch-says-more-than-a-dozen-lenders-may-follow.html

UBS AG (UBSN), Lloyds Banking Group Plc (LLOY) and Royal Bank of Scotland Group Plc (RBS) had long-term issuer default grades cut by Fitch Ratings, which put more than a dozen other lenders on watch negative as part of a global review.

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Fitch also placed viability ratings, and in some cases credit grades, on negative watch for seven global banks including Goldman Sachs Group Inc. (GS) and Morgan Stanley because of new regulations and economic developments. It put European banks such as Credit Agricole SA (ACA) on watch, based on sovereign debt concerns and said it would review Bank of America Corp. (BAC)’s mortgage-litigation risks.

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The seven global banks placed on watch by Fitch include Deutsche Bank AG (DBK), Credit Suisse AG, BNP Paribas (BNP) SA, Societe Generale (GLE) SA and Barclays Plc. (BARC)

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Spokesmen for Morgan Stanley (MS), Credit Suisse, Barclays, Deutsche Bank and BNP Paribas declined to comment. Spokesmen for Societe Generale and Credit Agricole didn’t immediately respond to phone calls or e-mails after hours.

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