Fitch is downgrading the credit ratings of 8 major Western banks - BAC, BCS, CS, DB, GS, MS, Soc...

|About: Bank of America Corporation (BAC)|By:, SA News Editor

Fitch is downgrading the credit ratings of 8 major Western banks - BAC, BCS, CS, DB, GS, MS, Soc Gen (SCGLY.PK), and BNP Paribas (BNPQY.PK) - to A from either A+ or AA-. Fitch claims the move was motivated by its view that the banks' business models are "particularly sensitive" to economic and regulatory challenges. Shares of the affected names are largely unchanged AH.