Fitch Downgrades Five Major European Banks

Markets Reuters

Fitch Ratings on Wednesday downgraded five major European banks, saying tighter capital markets and slower economic growth resulting from the region's debt crisis should indirectly hurt their performance.

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Fitch cut the long-term issuer default rating of the following banks:

- Banque Federative du Credit Mutuel (BFCM): to A-plus from AA-minus;

- Credit Agricole: to A-plus from AA-minus;

- Danske Bank: to A from A-plus;

- OP Pohjola Group: to A-plus from AA-minus;

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- Rabobank Group: to AA from AA-plus.