Credit Agricole SA and Danske Bank A/S were among five European lenders to have their credit grades cut one level by Fitch Ratings, which cited “stronger headwinds” in the industry.
Rabobank Groep, Banque Federative du Credit Mutuel and OP-Pohjola Group also were downgraded, Fitch said Wednesday in a statement. The moves followed a review of the world’s largest lenders, Fitch said.
“While ratings for these banks are driven by idiosyncratic factors that determine how they rank in relation to each other and the wider rating universe, the downgrades reflect the broader phenomenon of stronger headwinds facing the banking industry as a whole,” Fitch said.
Credit Agricole, France’s second-biggest bank by assets, was cut to A+ from AA-, as were BFCM and Finland’s OP-Pohjola, according to the statement. Danske Bank, Denmark’s largest lender, was lowered to A from A+. Utrecht, Holland-based Rabobank was reduced to AA from AA+.
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