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Inside Credit: Fitch's Rating Actions on Global Banks Driven by Support Revision 

May 22, 2015

Rating Agency

NEW YORK, May 22 (Fitch) The latest edition of Inside Credit features Fitch's rating actions on global banks.

On Tuesday, May 19, 2015, Fitch took various rating actions on banks in the European Union, Norway, Switzerland, the U.S., Canada and Hong Kong following a review for sovereign support globally. These actions include affirmations, downgrades and upgrades of Issuer Default Ratings (IDRs) depending on specific circumstances. They also include changes to Support Ratings, Support Rating Floors and Viability Ratings.

In line with its expectations announced in March last year and communicated regularly since then, Fitch believes legislative, regulatory and policy initiatives have substantially reduced the likelihood of sovereign support for commercial banks in the European Union, Hong Kong, Switzerland and the U.S..

Read more: Reuters

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