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‘Tis the season to be downgraded, Fa-La-La-La-La, La La La La

Ratings agency Fitch has downgraded six of the world’s largest banks, blaming the challenging global financial markets. The banks, including Goldman Sachs in the US, Bank of America, Barclays, BNP Paribas, Credit Suisse and Deutsche Bank, were downgraded on the issuer default ratings which are based on their ability to meet financial commitments on a timely basis and have been affected by their holdings of eurozone debt.