Fitch rating agency may revise credit ratings of more than 70 U.S. banks, including eminent financial giants like JPMorgan Chase, Fitch analyst Chris Wolfe said in a CNBC interview.
Wolfe noted that Fitch had downgraded the overall condition of the banking system’s rating from AA to AA- back in June. The downgrading didn’t draw much attention because it didn’t require reevaluating ratings of any particular institutions. “If we go down one more step, to A+, then we will have to reassess all of our financials, which will likely mean a downgrade of the credit ratings,” he said.
The analyst continued by saying that, in this situation, the agency’s ratings for all seventy-plus banks would be changed.
source: cnbc.com
