Fitch downgrades credit of Greek banking sector

Following the obvious news in Greece over the past few months, Fitch just downgraded the credit ratings of Greece’s 4 largest banks to BBB from BBB+. “The Rating actions reflect Fitch’s view that the banks already weakening asset quality and profitability will come under further pressure due to anticipated considerable adjustments in Greece. In particular, Fitch believes the required fiscal tightening that needs to be made by the Greek government will have a significant effect on the real economy, affecting loan demand and putting additional pressure on asset quality.”

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