Fitch downgrades Lloyds and RBS

Ratings agency Fitch has downgraded the UK taxpayer-backed Lloyds and Royal Bank of Scotland.

Ratings agency Fitch has downgraded the UK taxpayer-backed Lloyds and Royal Bank of Scotland.

Fitch blamed its decision on the withdrawal of implicit state support for the banking sector as part of the reforms proposed by the Independent Commission on Banking.

A similar move last week by Moody's affected 12 of Britain's biggest banks and building societies.

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