Ratings firm adds to misery for banks amid 'unprecedented' Covid-19 crisis

Ratings firm Fitch has added to the misery facing lenders amid the "unprecedented" Covid-19 economic crisis, suggesting it will likely downgrade a large number of western European banks this year.

The ratings firm cited the economic fallout from the crisis and the economic contraction squeezing the banks across western Europe means "over 95% of the western European bank ratings reviewed have negative outlooks or were placed on rating watch negative" in recent weeks.