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Fitch downgrades Metro Bank's ratings

Fitch Ratings on Sept. 30 downgraded Metro Bank PLC's long-term issuer default rating to BB from BB+, while maintaining the rating on Rating Watch Negative.

The rating agency also downgraded Metro Bank's viability rating to "bb" from "bb+" and placed it under Rating Watch Negative.

The British lender had to pull a £200 million bond sale recently after failing to win sufficient orders from investors, and the rating agency said this impaired the bank's ability to execute on its strategy.

Fitch added that the negative watch reflects the increased uncertainty around the bank's funding profile and ability to meet minimum requirements for own funds and eligible liabilities.

Meanwhile, Fitch affirmed the lender's B short-term issuer default rating, 5 support rating and No Floor support rating floor.