UBS, Lloyds and Royal Bank of Scotland 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, the good folks at Bloomberg write.
UBS’s long-term issuer default rating and its “support rating floor” were cut to A from A+ on a “view that the one- notch uplift for close affiliation with the Swiss state is no longer warranted,” the ratings firm said yesterday in a statement. Lloyds and RBS were lowered two steps to A from AA- as Fitch said the U.K. is less likely to provide future support.
Fitch also placed viability ratings, and in some cases credit grades, on negative watch for seven global banks including Goldman Sachs and Morgan Stanley because of new regulations and economic developments. It put European banks such as Credit Agricole SA on watch, based on sovereign debt concerns and said it would review Bank of America mortgage-litigation risks…
Find out more...Check out http://www.bloomberg.com/news/2011-10-13/ubs-rbs-ratings-cut-as-fitch-says-more-than-a-dozen-lenders-may-follow.html
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