Fitch cuts ratings on 8 major banks

Fitch Ratings says it has downgraded the viability ratings for eight of the world's biggest banks, citing increased challenges facing the banking sector due to weak economic growth and heightened regulation.

The ratings firm said Thursday it lowered the ratings for Bank of America Corp., Barclays PLC, BNP Paribas, Credit Suisse AG, Deutsche Bank AG, The Goldman Sachs Group Inc., Morgan Stanley and Societe Generale.

It also downgraded its long-term issuer-default rating for most of the banks: Bank of America, Barclays, BNP Paribas, Credit Suisse, Deutsche Bank and Goldman Sachs.

Fitch affirmed its long-term issuer-default ratings for Morgan Stanley, Society Generale and UBS AG.

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