Fitch downgrades Credit Agricole, Rabobank

(WASHINGTON) - Ratings agency Fitch on Wednesday downgraded five European financial firms -- including Credit Agricole and Rabobank -- citing stronger headwinds in Europe's banking sector.

The agency downgraded France's Banque Federative du Credit Mutuel and Credit Agricole, Denmark's Danske Bank, Finland's OP Pohjola Group and the Netherlands' Rabobank Group.

Fitch said each decision had "idiosyncratic" factors but "the downgrades reflect the broader phenomenon of stronger headwinds facing the banking industry as a whole."