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Fitch warns it may have to downgrade dozens of banks, including JPM
By Hugh Son
CNBC, New York
Tuesday, August 15, 2023
A Fitch Ratings analyst warned that the U.S. banking industry has inched closer to another source of turbulence -- the risk of sweeping rating downgrades on dozens of U.S. banks that could even include the likes of JPMorgan Chase.
The ratings agency cut its assessment of the industry's health in June, a move that analyst Chris Wolfe said went largely unnoticed because it didn't trigger downgrades on banks.
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But another one-notch downgrade of the industry's score, to A+ from AA-, would force Fitch to reevaluate ratings on each of the more than 70 U.S. banks it covers, Wolfe told CNBC in an exclusive interview at the firm's New York headquarters.
... For the remainder of the report:
https://www.cnbc.com/2023/08/15/fitch-warns-it-may-be-forced-to-downgrade-dozens-of-banks.html
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