Fitch warns it may be forced to downgrade dozens of banks, including JPMorgan Chase

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Fitch Ratings cut its assessment of the banking industry’s health in June, a move that analyst Chris Wolfe said went largely unnoticed because it didn’t trigger downgrades on banks.

But another one-notch downgrade of the industry’s score from AA- to A+ would force Fitch to reevaluate ratings on each of the more than 70 U.S. banks it covers, Wolfe told CNBC.

“If we were to move it to A+, then that would recalibrate all our financial measures and would probably translate into negative rating actions,” Wolfe said.

https://www.cnbc.com/2023/08/15/fitch-warns-it-may-be-forced-to-downgrade-dozens-of-banks.html

 

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Fitch warns it may be forced to downgrade dozens of banks, including JPMorgan Chase

Fitch Ratings warned that U.S. banks have inched closer to sweeping rating downgrades on dozens of lenders, including JPMorgan Chase and Bank of America.

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