Fitch Ratings indicated that it downgraded the Issuer Default Ratings (IDRs) of 42 banks worldwide in the second half of 2018, including 36 banks in emerging economies and six banks in developed countries. It indicated that banks in the Middle East & Africa region accounted for 64.3% of total downgrades, followed by banks in Emerging and Developed Europe (9.5% each), Emerging Asia (7.1%), Emerging Americas (4.8%), and Developed Americas and Developed Asia Pacific (2.4% each). It noted that the number of downgrades doubled from the first half of 2018, mainly due to the downgrade of 25 Turkish banks. It added that the downgrades in developed markets were mainly due to pressures on capitalization, while the banks' downgrades in emerging markets, notably in the Middle East & Africa region, reflected a challenging operating environment and the reduced ability of authorities or of foreign parent banks to provide support in case of need. In parallel, the agency upgraded the ratings of 28 banks globally in the second half of 2018, including 14 banks in emerging markets and 14 in developed economies. It said that banks in Developed Europe accounted for 46.4% of upgrades globally, followed by banks in Emerging Europe (21.4%), the Middle East & Africa region (14.3%),  Emerging Asia (10.7%), and Developed and Emerging Americas (3.6% each). It noted that 50% of the banks' upgrades is due to the improvement in their standalone profiles. Further, it said that the banks' upgrades in emerging markets reflect similar actions on the sovereign ratings, a positive reassessment of the country risk, and/or a stabilization in the banks' asset quality, among others. 
Source: Fitch Ratings