LONDON, England - December 15, 2011 - Fitch Ratings has downgraded the debt ratings for five major European commercial banks and cooperative banking groups, citing the eurozone crisis and stronger headwinds facing the banking sector.

The ratings firm lowered the long-term issuer default and viability ratings by one notch for French banks Banque Federative du Credit Mutuel and Credit Agricole, Danish lender Danske Bank, Finland's OP Pohjola Group, and Holland's Rabobank Group.

The move follows a review by Fitch of large European banks.

Fitch said the downgrades of Danske Bank and Credit Agricole reflect their subsidiaries' exposure to troubled eurozone countries.

The firm said the eurozone crisis is also hurting other lenders indirectly. Capital markets are not functioning effectively and the crisis is driving economic slowdown.

Uncertainty over how the eurozone crisis will be resolved, in addition to austerity measures being taken by some European governments, will affect commercial banking negatively, particularly in southern Europe and Ireland, Fitch said.