By Fitch Ratings Credit Policy Group analysts Roger Merritt and Claire Mezzanotte in New York and Ian Linnell in London.

In recent weeks, Fitch Ratings has taken negative ratings actions with respect to a number of major banks and non-bank financial institutions. These actions reflect the increasingly difficult operating environment adversely impacting asset quality, liquidity and profitability measures. Many of these entities operate on a global scale and maintain substantial presence in the structured finance marketplace through various credit-sensitive roles, such as full or partial liquidity support provider; letter of credit provider; trustee; servicer or back-up servicer; derivative counterparty, and investment account provider.

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