REPORT: Fitch Ready To Downgrade UK Banks, As FTSE 100 Index Gets Smashed

This report may be contributing to the fairly glum state of the market right now.

SKY NEWS is reporting that Fitch is going to whack the ratings of UK banks today.

t’s not clear how big the cuts would be, or why (it might be like the latest round of bank downgrades, which are more based on perceptions of government support, rather than deterioration of credit quality) but regardless, nobody likes a downgrade of anything.

The UK market is off 2.2%.

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