You are here

Fitch downgrades Standard Chartered on earnings, impairments

ChartStairs051115.jpg
Fitch Ratings downgraded Standard Chartered Plc, citing "unfavorable profitability and asset quality trends" at the lender.

[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.

BLOOMBERG

BT is now on Telegram!

For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes