Fitch Ratings on Thursday slashed ratings on UK banks Royal Bank of Scotland and Lloyds Banking Group after determining they are less likely to receive government support in future.

RBS, 83%-owned by taxpayers, and Lloyds, 41%-state held, were both downgraded two notches to A from double-A-minus. Barclays, which has never taken direct state support and is rated double-A-minus by Fitch, was put on rating-watch negative, meaning it might be downgraded.