...Rating Changes Return to Lower Levels after Spike in 2Q15 The number of rating changes affecting banks covered by this report returned to more average levels in 3Q15, after significant downgrades in 2Q15 mainly due to support revisions. Fitch Ratings upgraded 12 banks' Long-Term Issuer Default Ratings (IDRs) in 3Q15 and downgraded 17; 16 of these 29 were in Europe. Rating changes were driven mainly by actions on the banks' Viability Ratings (VRs) in developed (DMs; 10 out of 12 changes) and to a lesser extent in emerging markets (EMs; 6 of 17). All seven VR downgrades in DMs were in Europe. VR upgrades in EMs offset downgrades (five each). Outlooks Mainly Stable: The distribution of Outlooks was broadly unchanged in 3Q15, at just over three-quarters on Stable. Positive Outlooks just outweigh Negative in DMs, with EM Outlooks remaining tilted towards Negative. VR-Driven Ratings Dominate: Reduced support expectations factored into DM ratings in 2Q15 mean that VRs now drive even more DM ratings...
