Fitch downgrades Barclays

Fitch Ratings said it downgraded the long-term issuer default rating of Barclays Bank plc to AA- from AA and revised the outlook to stable from negative.

Barclays's individual rating of B was placed on Rating Watch negative.

The downgrade reflects the investment banking operations and ambitions of the bank's Barclays Capital unit, which expose the bank to greater risks and earnings volatility over the long term, according to the agency.

The actions also consider the sharp deterioration in the economic outlook for core geographies, the agency said.

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