Fitch Blows the Cover Off U.S. Banks; Warns of European Contagion Risk
BY CRIS SHERIDAN
FinancialSense.com
11/16/2011
Credit ratings agency Fitch just blew the cover off of U.S. banks’ lack of European exposure. As reported from their site,
U.S. banks have manageable direct exposures to the stressed European markets (Greece, Ireland, Italy, Portugal and Spain), but further contagion poses a serious risk…
…unless the Eurozone debt crisis is resolved in a timely and orderly manner, the broad credit outlook for the U.S. banking industry could worsen. Fitch’s current outlook for the industry is stable, reflecting improved fundamentals at most banks combined with ratings lower than at pre-crisis levels. However, risks of a negative shock are rising and could alter this outlook.
(emphasis mine)
Is this a surprise?
The Rest…HERE
