U.S. banks face a Ã¢â‚¬Å“serious riskÃ¢â‚¬Â that their creditworthiness will deteriorate if EuropeÃ¢â‚¬â„¢s debt crisis deepens and spreads beyond the five most-troubled nations, Fitch Ratings said.
Ã¢â‚¬Å“Unless the euro zone debt crisis is resolved in a timely and orderly manner, the broad credit outlook for the U.S. banking industry could worsen,Ã¢â‚¬Â the New York-based rating company said yesterday in a statement. Even as U.S. banks have Ã¢â‚¬Å“manageableÃ¢â‚¬Â exposure to stressed European markets, Ã¢â‚¬Å“further contagion poses a serious risk,Ã¢â‚¬Â Fitch said, without explaining what it meant by contagion.
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