Eight more global banks downgraded
Fitch Ratings has downgraded the viability ratings for eight of the world's biggest banks, citing increased challenges facing the banking sector due to weak economic growth and heightened regulation.
The ratings firm said it lowered the ratings for Bank of America, Barclays, BNP Paribas, Credit Suisse, Deutsche Bank, Goldman Sachs Group, Morgan Stanley and Societe Generale.
It also downgraded its long-term issuer-default rating for Bank of America, Barclays, BNP Paribas, Credit Suisse, Deutsche Bank and Goldman Sachs.
Fitch affirmed its long-term issuer-default ratings for Morgan Stanley, Society Generale and UBS. In addition, it affirmed UBS's viability rating.
The rating changes follow a review by Fitch of large banks.