Fitch is downgrading the credit ratings of 8 major Western banks - 12/15/11

Fitch is downgrading the credit ratings of 8 major Western banksFitch's focus in evaluating the banks has been on those that have the best positions in diversified the product areas that are viewed as having the lowest risk.Fitch claims the move was motivated by its view that the banks' business models are "particularly sensitive" to economic and regulatory challenges. Shares of the affected names are largely unchanged AH.

Fitch Ratings has today taken rating actions on nine global trading and universal banks (GTUBs). The actions complete its assessment of the GTUBs, carried out in conjunction with a broad review of the ratings for the largest banking institutions in the world. Fitch has downgraded eight issuers' Viability Ratings (VRs) and affirmed one, removing them from Rating Watch Negative where they were placed on Oct. 13, 2011.

The following highlights Fitch's ratings actions:

Bank of America Corporation (NYSE: BAC)
--Long-term IDR downgraded to 'A' from 'A+';
--Short-term IDR downgraded to 'F1' from 'F1+';
--Viability Rating downgraded to 'bbb+' from 'a-'.

Barclays plc (NYSE: BCS)

--Long-term IDR downgraded to 'A' from 'AA-';
--Short-term IDR downgraded to 'F1' from 'F1+';
--Viability Rating downgraded to 'a' from 'aa-'.

BNP Paribas (NYSE: BNP)

--Long-term IDR downgraded to 'A+' from 'AA-';
--Short-term IDR affirmed at 'F1+';
--Viability Rating downgraded to 'a+' from 'aa-'.

Credit Suisse AG (NYSE: CS)

--Long-term IDR downgraded to 'A' from 'AA-';
--Short-term IDR downgraded to 'F1' from 'F1+';
--Viability Rating downgraded to 'a' from 'aa-'.

Deutsche Bank AG (NYSE; DB)

--Long-term IDR downgraded to 'A' from 'AA-';
--Short-term IDR downgraded to 'F1' from 'F1+';
--Viability Rating downgraded to 'a' from 'aa-'.

The Goldman Sachs Group, Inc. (NYSE: GS)

--Long-term IDR downgraded to 'A' from 'A+';
--Short-term IDR downgraded to 'F1' from 'F1+';
--Viability Rating downgraded to 'a' from 'a+'.

Morgan Stanley (NYSE: MS)

--Long-term IDR affirmed at 'A';
--Short-term IDR affirmed at 'F1';
--Viability Rating downgraded to 'a-' from 'a'.

Societe Generale

--Long-term IDR affirmed at 'A+';
--Short-term IDR affirmed at 'F1+';
--Viability Rating downgraded to 'a-' from 'a+'.

UBS AG (NYSE: UBS)

--Long-term IDR affirmed at 'A';
--Short-term IDR affirmed at 'F1';
--Viability Rating affirmed at 'a-'.

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