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UBS Rating Cut, Fitch Says More Than Dozen Banks May Follow

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UBS AG, Lloyds Banking Group Plc and Royal Bank of Scotland Group Plc had long-term issuer default grades cut by Fitch Ratings, which put more than a dozen other lenders on watch negative as part of a global review.

UBS’s long-term issuer default rating and its “support rating floor” were cut to A from A+ on a “view that the one-notch uplift for close affiliation with the Swiss state is no longer warranted,” the ratings firm said yesterday in a statement. Lloyds and RBS were lowered two steps to A from AA-as Fitch said the U.K. is less likely to provide future support.