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Fitch downgrades Standard Chartered on earnings, impairments
[LONDON] Fitch Ratings downgraded Standard Chartered Plc, citing "unfavorable profitability and asset quality trends" at the lender.
While measures taken this week by Chief Executive Officer Bill Winters to restructure the bank, cut costs and dispose of unwanted assets will help Standard Chartered, it remains "vulnerable to volatility from difficult operating and regulatory environment," Fitch said, when cutting the long-term issuer default ratings to A+ from AA-.
The rating company also said it will maintain a negative outlook.