Following its withdrawal of 14 Japanese banks, as reported in May, Fitch has further reduced its coverage in June and July, with banks from countries including India, Indonesia and the Philippines among those cut.
Some of the banks involved are among their respective countries’ leadings institutions, such as Metrobank, by some measure the largest in the Philippines, but most of the ratings withdrawn so far are those of smaller regional banks.
No longer relevant
In each case, the agency has made the announcement with a standardized phrase, saying it has stopped coverage of a bank because the rating is “no longer considered by Fitch to be relevant to the agency’s coverage”.
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