Rating agency Fitch Ratings has warned that turbulence in the US banking sector risks the rapid downgrade of the credit ratings of many US banks, including large banks such as JPMorgan.
Each of the more than 70 US banks rated by Fitch Ratings will need to have their ratings revised if the industry’s rating is further downgraded from AA- to A+. This could trigger a process in the US banking sector that could lead to a wide-ranging credit rating downgrade, which could affect large banks as well.
