Barclays in firing line as Fitch downgrades six global banks

Barclays was among six global banking groups to be downgraded by Fitch last night, with the ratings agency pointing to challenging financial markets.

The agency downgraded long-term issuer default ratings for Barclays, Deutsche Bank and Credit Suisse to A from AA- while BNP Paribas fell to A+ from AA-. It also cut Bank of America and Goldman Sachs to A from A+. In a statement, Fitch said the banks "are particularly sensitive to the increased challenges the financial markets face". The downgrades "reflected challenges faced by the sector as a whole, rather than negative developments in idiosyncratic fundamental creditworthiness," Fitch added. The credit ratings of the world's most powerful lenders have come under the microscop...