Fitch Downgrades Ratings on Five Major European Banks

[Javaman]

http://www.cnbc.com/id/45674156\

Fitch Ratings downgraded its credit ratings on five major European commercial banks and banking groups Wednesday as part of a broader review of its ratings on the largest banks in the world.

In a press release, the rating firm said it downgraded Banque Federative du Credit Mutuel, Credit Agricole [CRARF 0.00 --- UNCH (0) ], Danske Bank [DNSKF 0.00 --- UNCH (0) ], OP Pohjola Group [POJLK Unavailable () ] and Rabobank Group.

The firm said the downgrades reflect the "broader phenomenon of stronger headwinds facing the banking industry as a whole. Exposure to troubled euro zone countries through their subsidiaries was a direct consideration in the downgrades of Danske Bank and Credit Agricole."

For the other banks, Fitch said the crisis had "negative indirect consequences."

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