The downbeat data continues to flow for Europe and the debt strain is only growing in the market with a new move from rating agencies that already have sovereign ratings under review.

Fitch Ratings downgraded its credit rating for five major European commercial banking groups on Wednesday citing broader phenomenon of stronger headwinds facing the banking industry as a whole.

Fitch downgraded Banque Federative du Credit Mutuel, Credit Agricole, Danske Bank, OP Pohjola Group and Rabobank Group.

The agency cited the debt crisis as the biggest pressure on some banks saying Exposure to the troubled euro zone countries through their subsidiaries was a direct consideration in the downgrades of Danske Bank and Credit Agricole while the other banks are also under the pressure yet had negative indirect consequences.