Austrian Banks Set for Fitch Downgrades on State Support
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Austria’s banks are set to lose their top debt grades when Fitch Ratings concludes a review of the state support lenders can expect in times of crisis.
Austria’s three biggest banks will probably see their ratings fall as many as three levels into the BBB range as a result of the review, Fitch analyst Patrick Rioual told journalists in Vienna on Thursday. While Fitch is reviewing state support in all European countries, the effect is nowhere as significant as in Austria, he said.