Fitch Ratings downgraded holding company-level senior unsecured debt ratings for those U.S. Category II and III banks PNC Financial Services Group, Inc. (PNC), US Bancorp (USB), Capital One Financial (COF), Trust Financial Corp. (TFC), and Northern Trust Corporation (NTRS) where debt buffers were clearly below 10%
These banks had been Under Criteria Observation (UCO) since March 2020.
Fitch at the same time, Fitch affirmed, as applicable, bank-level subordinated debt ratings and bank level senior unsecured debt ratings for U.S. Category II and III banks. Today’s actions reflect Fitch’s implementation of the agency’s updated Bank Rating Criteria and are solely a function of criteria changes. Therefore, the actions do not reflect a change in our current or expected view of the issuers’ credit fundamentals.