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Global banking downgrades ease in Q1: Fitch

Global banking downgrades ease in Q1: Fitch

Canadian banks to focus on growth, spending and buybacks after strong second quarter Developed European were responsible for most of the negative rating action, based on actions taken on seven eurozone countries: Belgium, Cyprus, Ireland, Italy, Slovenia, Spain and Greece, which resulted in negative actions being taken on bank ratings in these regions too. While the number of negative actions slowed dramatically, there were very few upgrades in in the first quarter (only eight). “Over 75% of ratings assigned by Fitch to banks globally are on stable outlook. This has held true over the past four quarters,” reports Janine Dow, senior director in Fitch’s Financial Institutions team. “However, this should be considered in the context that the rating stock has shifted downwards and the average rating is lower than it was a year ago.” Related news Fed plays limited role in assessing climate risks for banks The number of global bank rating downgrades was almost cut in half in the first quarter of 2012, Fitch Ratings reports. In a new report, the rating agency says that there were 57 rating downgrades for global banks in the first quarter, down from 103 in the previous quarter. The negative rating actions that did take place were concentrated in Europe, which accounted for 77% of all negative rating actions. James Langton TD getting new head of private wealth, financial planning Keywords Banking industry Share this article and your comments with peers on social media Facebook LinkedIn Twitter read more