Financial institutions well positioned to weather declining credit quality, Fitch says
2024 default rate could rise to 2% or more, warns Fitch Ratings
Banks have capital, earnings to absorb rising credit losses
Egan-Jones, founder, fined in settlements with regulators
Many companies' cash flows could be eaten up by higher rates
The rating agency cited "persistently high debt levels"
Revenues were generally strong but earnings differed based on loan-loss reserves, Fitch said
Banks' experience with Libor should steel them for Canadian transition
Rating agency cuts GDP growth forecast due to pandemic measures
While challenges multiply, traditional asset managers look resilient to market turmoil