Fitch downgrades seven global banks

(Dec 15): Fitch Ratings, the third-biggest of the major credit rating
agencies, downgraded seven global banks based in Europe and the United
States, citing "increased challenges" in the financial markets.

Fitch cut long-term ratings on Barclays Plc and Credit Suisse AG, by two notches to 'A' from 'AA-.'

The agency cut by one notch its long-term ratings on Bank of America
Corp, BNP Paribas, Citigroup, Deutsche Bank AG and Goldman Sachs Group.

The financial market challenges the banks face "result from both
economic developments as well as a myriad of regulatory changes," Fitch
said in an announcement issued shortly after regular market hours in New
York.

In a separate announcement about the downgrade of Citigroup, Fitch
cited "policy momentum" against using taxpayer money to support banks
during a crisis.

Fitch's actions follow downgrades by Standard & Poor's of several
major banks at the end of last month. S&P's moves came as part of
an overhaul of its ratings methods to incorporate lessons learned in the
financial crisis. Moody's also issued downgrades recently.

Jerry Dubrowski, a spokesman for Bank of America, which has had
ratings cut by all three agencies, said in an email, "This decision is
driven more by concerns about the global economy than the specific
credit quality of Bank of America. We continue to maintain strong
liquidity levels and to build capital."

Fitch on Thursday also affirmed its long-term 'A' ratings on JPMorgan
Chase & Co, Morgan Stanley and UBS AG , as well as its 'A+' rating
on Societe Generale .