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Fitch downgrades six global banks

Ratings firm Fitch downgraded six major global banks Thursday, citing increased challenges in their business and the prospect of financial turmoil ahead.

Fitch lowered the long-term ratings on Bank of America and Goldman Sachs in the United States, British bank Barclays, French bank BNP Paribas, German bank Deutsche Bank and Swiss bank Credit Suisse.

The downgrades “reflected challenges faced by the sector as a whole, rather than negative developments in idiosyncratic fundamental creditworthiness,” Fitch said in a statement.

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