Fitch preparing to downgrade dozens of European banks, according to Handelsblatt

European banks were in focus on Monday, after German newspaper Handelsblatt reported that Fitch Ratings is preparing to downgrade several institutions in the region as early as this week.

Citing unnamed sources, the paper said that the downgrades would be between one and four levels, with dozens of banks affected. Deutsche Bank and Commerzbank are both in the frame, according to Handelsblatt.

Fitch had warned in April about a possible downgrade of European banks.