Big three credit ratings agency Fitch Ratings Inc. may issue downgrades to dozens of U.S. banks, the agency warned Tuesday.
Fitch is currently weighing an overall downgrade of the banking industry’s health from A+ from AA-, which could trigger the agency to downgrade its ranking of more than 70 U.S. banks.
If this came to pass, two of the nation’s largest banks, Bank of America and JPMorgan, would likely be cut from an A+ rating to an AA- rating
The potential move comes just one week after fellow big three agency Moody’s downgraded 10 smaller U.S. banks.
