European banks suffer downgrade

Fitch Ratings has downgraded the debt ratings for five major European commercial banks and co-operative banking groups, citing the eurozone crisis and stronger headwinds facing the banking sector.

The ratings firm lowered the long-term issuer default and viability ratings by one notch for French banks Banque Federative du Credit Mutuel and Credit Agricole, Danish lender Danske Bank, Finland's OP Pohjola Group and Holland's Rabobank Group.