S&P Downgrades Spain; Fitch Downgrades UBS and Places Banks on Negative Watch

Coke bank
Coke Bank via Flickr
Fitch placed a bunch of U.S. and European banks on "rating watch negative" today (10/13/2011) and also downgraded UBS to A from A+. Keep an eye on bank and sovereign credit ratings to see if downgrade contagion affects the markets. There are worries about bank trading revenues, european sovereign debt exposure (S&P just downgraded Spain to AA- on economic growth and bank risks) and... will banks be affected by prime mortgage portfolios? Here are links to the press releases (they require free log-in, I forgot).

S&P: Long-Term Rating On Spain Lowered To 'AA-' On Economic Growth And Banking Sector Risks; Outlook Negative

Fitch Downgrades UBS AG to 'A' on Diminishing Government Support; Outlook Stable

Fitch Places Goldman Sachs' Ratings on Rating Watch Negative

Fitch Places Major French Banks on Rating Watch Negative (BNP Paribas, Credit Agricole, Societe Generale, Banque Federative du Credit Mutuel)

Fitch Places Deutsche Bank on Rating Watch Negative

Fitch Places Bank of America's 'a-' Viability Rating on Rating Watch Negative

Fitch Places Morgan Stanley's Ratings on Rating Watch Negative

Fitch Places Credit Suisse AG on Rating Watch Negative

Fitch Places Two Nordic Banks on Rating Watch Negative (OP-Pohjola Group and Danske Bank)

Fitch Places Rabobank's IDR and VR on Rating Watch Negative

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