Fitch Ratings Gives Opinion on Potential FATCA Drain of Foreign Deposits in Florida Banks

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Fitch Ratings is an internationally known and globally respected ratings agency that began back in December 1913 as a New York publisher of financial statistics, but you may know it best as the first to use the "AAA" ratings system. Today, Fitch is recognized as an independent expert in the analysis of financial securities.

On January 6, 2012, Fitch issued its latest opinion on the impact that FATCA is already having on the American financial industry, in an article entitled, "New US Tax Rules Could Prompt Foreign Deposit Outflow."

Fitch Ratings acknowledges that Foreign Account Tax Compliance Act of 2010 (FATCA)'s future impact on U.S. banks is "tough to gauge" at this juncture. Most would agree; right now, with an effective date in 2013, the real result of FATCA is still unclear, it's a murky vision in a crystal ball.

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