Fitch Cuts Investment-Grade Ratings Of 5 European Commercial Banks

Fitch Ratings lowered its long-term issuer default ratings on five European commercial banks. Fitch cut its long-term issuer default ratings on France's Credit Agricole CRARY and Banque Federative du Credit Mutuel, and Finland's OP Pohjola Group, from double-A-minus to single-A-plus. It also downgarded Denmark's Danske Bank A/S DNSKY from single-A-plus to single-A. Fitch lowered ratings of Netherlands' Rabobank Group from double-A-plus to double-A.