"Lending has not moderated, it has merely found other channels, " Fitch said in the report.
Fitch said the US and European banks "are particularly sensitive to the increased challenges the financial markets face".
"MF has suffered a series of market, credit and liquidity events which have challenged management and earnings, " Fitch said.
The downgrades "reflected challenges faced by the sector as a whole, rather than negative developments in idiosyncratic fundamental creditworthiness, " Fitch said.
In a separate annoucement Fitch said it is considering downgrading Italy, Spain, Ireland, Belgium, Slovenia and Cyprus by one or two notches.
FORBES: France's AAA Safe For Now But Outlook Negative, Fitch Says
However, Fitch said the risk of a sovereign default was "extremely low".
Fitch said after the market close that it has put seven major banks on a negative ratings watch for both long and short term debt.
Fitch said the government had to stick to its austerity measures.
Fitch said its expectations for global inflation are higher, and it reduced its global growth estimates to 3.2% in 2011 and 2012 compared with 3.8% last year.
"The downgrade of Greece's sovereign ratings reflects the heightened risk that Greece may not be able to sustain its membership of Economic and Monetary Union, " Fitch said.
"The closure of thelondonpaper... is a sign of the extreme steps ad-funded media companies are having to take to protect their margins in the current environment, " Fitch said.
An exit from the eurozone would be "probable" if the elections fail to produce a government willing to stand by earlier austerity agreements reached with eurozone leaders, Fitch said.
Fitch said Nokia needs to stabilize revenues and be capable of generating low-single digit non-IFRS operating profit margins and positive pre-dividend free cash flow, if it is to affirm the current rating.
FORBES: Nokia Debt Rating Downgraded To Junk Status Buy Fitch
Also on Monday, ratings agency Fitch said it would view a regulatory block of the attempted acquisition of BSkyB as "negative" for News Corp and Macquarie downgraded News Corp. to "underperform" due to the regulatory uncertainty.
On Tuesday, the credit rating agency Fitch said the UK deficit must be reduced more quickly than set out by the former Labour government in April, and noted that the new coalition government had acted "very quickly".
"However, weaker-than-expected growth and fiscal outturns in 2012 have increased pressure on the UK's 'AAA' rating, which has been on negative outlook since March 2012, " Fitch said in a statement, meaning it is still on review for a possible downgrade.
Fitch said it was not convinced by the Greek government's plans to reduce state spending, saying that the state debt burden was likely to rise to close to 130% of gross domestic product and that further fiscal slippage could result in another downgrade.
Fitch said after Mr Osborne's announcement that the government's policy framework had been a key factor helping the UK to hold on to to its top AAA credit rating, and the loss of the debt rule had weakened both the coalition's credibility and the rating.
"Protracted debate prior to increasing the debt ceiling is not an exceptional event, but against the backdrop of unprecedentedly large peacetime budget deficits and outstanding debt, any delay in raising the limit would pose ever-increasing risks to the ability of the federal government to honour its obligations in a timely fashion, " Fitch said in a statement.
"The proliferation of other forms of credit beyond bank lending is a source of growing risk from a financial-stability perspective, " Fitch Ratings said.
On Wednesday, Fitch Ratings said that if the debt ceiling did not get raised, then the country faced a downgrade from its current AAA status.
FORBES: Is US Debt Problem As Big As The 1990s Latin America Crisis?
The ratings agency Fitch has said that Argentina, which is locked in a court battle in New York over its debt, will probably default on what it owes.
Late Wednesday afternoon in Europe, Fitch Ratings said it had cut Iceland's long-term sovereign currency issuer default ratings to "BBB-, " from "A, " putting them firmly in "junk" territory.
In fact, for the third year in a row the default rate for non-investment grade bonds stood at 1.9 percent, Fitch Ratings said Monday in a special report.
Fitch Ratings said in a press release on Monday that it would be carefully watching the new president for signs of honest reform and spending reductions, or else it could face some sort of downgrade.
Credit ratings agency Fitch has said the country, which has a population of one million, would need 4bn euros to support its banks, the equivalent of almost a quarter of its GDP, or economic output, last year.
BBC: Cyprus not for sale, president says after bailout talks
The country's financial position is now so strong that it can cope with most shocks, said Fitch.
"The pressure on the US rating is increasing, " said Fitch's David Riley, adding that if there was no deal, there was a "material risk" of a downgrade.
John Bella, managing director in ABS at Fitch Ratings, said net losses on auto asset-backed securities have fallen steadily since the crisis four years ago, and the deals are now backed by stronger collateral, or loans made to so-called prime borrowers.
Quite how near was signalled by the ratings agency Fitch yesterday, which said that OBR's forecasts of rising government debt had reduced the UK's capacity to absorb further shocks and retain its AAA rating.
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