UPDATE: Fitch Places Five Major European Commercial Banks on Rating Watch Negative

In conjunction with a broad assessment of the ratings for the largest banking institutions in the world, Fitch Ratings is conducting a review of the larger and relatively highly rated European banks in its rating portfolio. The review has resulted in a series of rating actions announced today, including placing the Long-term Issuer Default Ratings (IDRs) and the Viability Ratings (VRs) of five major European commercial banks on Rating Watch Negative (RWN). Fitch expects to resolve the RWN within a short time frame, and take corresponding rating actions where warranted. The list of banks affected is below and a list of the key rating actions is at the end of this commentary. Full lists of rating actions are contained in the individual rating action commentaries on each of these banks. Banque Federative du Credit Mutuel (BFCM) Credit Agricole Danske Bank OP Pohjola Group Rabobank Group The actions on the banks noted here should be viewed in conjunction with the broader review and with a series of related actions on similar banks that Fitch has announced simultaneously. Please see 'Fitch Comments on Support for Euro Banks; Takes Various Support-Driven Actions', 'Fitch Reviewing Global Trading and Universal Banks; Places Seven on Rating Watch Negative' and 'Fitch Lowers UK Support Rating Floors; Downgrades Lloyds, RBS to 'A'' (each dated 13 October 2011). They are also consistent with actions on Italian and Spanish banks taken earlier this week. Please see 'Fitch Takes Rating Actions on Major Spanish Banks Following Sovereign Downgrade' and 'Fitch Takes Rating Action on Major Italian Banks Following Sovereign Downgrade,' (both dated 11 October 2011). Fitch expects that any downgrades of these banks' Long-term IDRs and VRs would be by one notch. It also possible that certain banks could have their ratings affirmed at current levels.