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Banks More Stable in 1Q21 Fitch Ratings Says

US
According to Fitch Ratings, 20% of every ratings action Fitch too on a global financial institution "led to a rating Outlook revision to Stable from Negative, signaling that near-term ratings risks are easing."
  • However, downside risks remain, including potential further coronavirus waves, weakened sovereign credit profiles and an economic fallout as governments gradually withdraw pandemic-related economic support.
  • Of the 317 rating actions taken on global FIs between 1 January and 31 March 2021, 66% led to unchanged ratings and Outlooks, while 20% led to Outlook revisions to Stable from Negative. Only 11% of rating actions were negative, evenly split between downgrades and Outlook revisions to Negative.
Stabilization trends for global financial institutions for the rest of 2021 are expected to "vary by region due to contrasting speeds of economic recovery and different degrees of exposure to the sectors most affected by the pandemic," Fitch added. "Several FI ratings are sensitive to the pressure that remains on some sovereign ratings, particularly in emerging markets, and on those corporate sectors and asset classes worst affected by the pandemic, such as leisure and hospitality."
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