Downgrades of bank soars in Q3: Fitch

 The number of rating downgrades on banks globally more than halved in the September quarter compared to the previous three months even as impact of real economic changes on them remains a concern, Fitch Ratings said.

The global rating agency noted the count of bank downgrades worldwide dropped to 41 in the third quarter from 94 in the June quarter.

In a statement, on Monday, Fitch Ratings said majority of rating actions — 68 — continued to be negative while there were 22 positive actions in the three months ended September.

According to the statement,  there were just 13 positive actions, meaning that “the proportion of positive actions increased to 24 per cent in third quarter 2009 from seven per cent in second quarter 2009.
About 65 per cent of the agency’s bank ratings worldwide have stable outlooks in the third quarter.

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