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Fitch cuts rating for Credit Suisse

Fitch Ratings, the third-biggest of the major credit rating agencies, has cut the viability ratings of eight of the world’s biggest banks, including Credit Suisse.

This content was published on December 16, 2011 - 08:13
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It said the move came because of the increased challenges facing the banking sector due to weak economic growth and heightened regulations.

The ratings firm said on Thursday that it had lowered the ratings for Bank of  America Corp., Barclays, BNP Paribas, Credit Suisse, Deutsche  Bank, The Goldman Sachs Group, Morgan Stanley and Société Générale. Credit Suisse and Barclays saw their ratings drop by two levels from AA- to A, the others by one level.

It also downgraded its long-term issuer-default rating for most of the banks, including Credit Suisse.

Fitch affirmed its long-term issuer-default ratings for Morgan Stanley, Société Générale and Credit Suisse rival UBS. In addition, it affirmed UBS' viability rating. UBS had already seen its rating fall in October from A+ to A.

The rating changes follow a review by Fitch of large banks and follow downgrades by Standard & Poor's of several major banks at the end of November.

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