CREDIT ANALYSIS - CCLA

Fitch Ratings has revised the Outlook on the Japanese, United States of America and Kingdom of Belgium sovereign long term ratings from Stable to Negative. (see pages 2 and 3) Fitch also changed the rating Outlooks on Mizuho Bank and MUFG Bank following the change in the Japanese sovereign. (see page 3) DBRS cut Danske Bank, long-term rating to ... ................
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