Fitch downgrades Cathay General Bancorp's ratings;
Fitch Ratings has downgraded the ratings of Cathay General Bancorp and its bank subsidiary, Cathay Bank, and has removed the ratings from Rating Watch Negative; placed on May 28, 2009.
NEW YORK Ratings firm Fitch downgraded six major global banks, citing increased challenges in their business and the prospect of financial turmoil ahead.