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Fitch said its current outlook on the U.S. banking industry is stable because of "improving fundamentals and ratings that are lower than before the debt crisis". However it warned that "risks of a negative shock are rising and could alter this outlook,”
“Fitch believes that unless the Eurozone debt crisis is resolved in a timely and orderly manner, the broad credit outlook for the U.S. banking industry could worsen,”
The market tumbled on the news. However... Did anyone not expect Europe's problems to spill into the U.S.?
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