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Fitch warns it may be forced to downgrade dozens of banks, including JPMorgan Chase

  • Fitch Ratings has warned that the US banking industry is at risk of rating downgrades, including JPMorgan Chase, due to pressure on the country's credit rating, gaps in regulatory framework, and uncertainty about interest rate hikes.
  • Another one-notch downgrade of the industry's score would force Fitch to reevaluate ratings for all the more than 70 US banks it covers.
  • Downgrades could have significant consequences for banks, such as higher borrowing costs, compressed profit margins, and potential restrictions in debt markets.
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Forbes broke the news in United States on Tuesday, August 15, 2023.
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