Downgrade reflects uncertainties about the government's financing strategy
Strong financial performance, robust capital levels prompt upgrade
Stolen data on 24,000 client accounts could have reputational repercussions
Pace of expansion expected to remain weak compared with previous recoveries
Appointment marks commitment to increase rating agency’s presence in the country
Some additional ratings on individual insurers would need to be downgraded
Recovery rates are also being affected by typical cyclical and industry specific challenges as well as new stressors
Revision reflects “magnitude of the economic weakness now facing the province”
Profits for 2009 are likely to be weaker than the first quarter results suggestThe outlook for large global banks remains negative as credit problems will persist beyond the beginning of any economic recovery, Fitch Ratings says.For the major global financial institutions, higher capital ratios, less off-balance sheet activity and better asset spreads are likely over […]
Better than expected profits recorded by U.S. banks in the first quarter will be tough to sustain as credit quality deteriorates, cautions Fitch Ratings.Credit losses at major banks continue to rise while strength from market-base revenues, such as mortgage origination and fixed income trading, are not likely to persist, the rating agency cautioned.It also noted […]