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Fitch downgrades Lloyds and RBS

Fitch Ratings has downgraded Lloyds Banking Group and Royal Bank of Scotland from AA- to A.

It has also placed Barclays’ rating on negative watch.

Fitch says the downgrades are a result of a perceived decline in the UK government’s inclination to bail out the banks were they to get into difficulty, particularly following the recommendations of the Independent Commission on Banking.

It adds that it has put Barclays’ rating on negative watch because it judges global trading and universal banks to have business models that are particularly sensitive to market sentiment and confidence.

The downgrades come after Moody’s downgraded the ratings of 12 UK banks and building societies last week.

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