Fitch downgrades Credit Suisse to BBB from BBB+

The cut comes on the back of the big bank’s announcement of a new strategy review and weak second-quarter results.

Rating agency Fitch lowered Credit Suisse’s issuer rating to “BBB” from “BBB+” and downgraded the outlook to “negative” from “stable”, it said Thursday evening. The Viability Rating has been reduced to “bbb” from “bbb+”.

The cut comes on the back of the big bank’s announcement of a new strategy review and weak second-quarter results. This highlights the big challenges the bank is facing to stabilize its performance and implement a sufficiently profitable business model.

After six years without a downgrade, Fitch lowered CS’s rating to “BBB+” last May, from “A-” previously.