This time, Fitch is intent on signaling to the market that bank downgrades, while not a foregone conclusion, are a real risk, said Wolfe. And if top institutions like JPMorgan are cut, then Fitch would be forced to at least consider downgrades on all their peers' ratings, according to Wolfe. Shares of lenders including JPMorgan, Bank of America and Citigroup dipped in premarket trading Tuesday. JPMorgan declined to comment for this article, while Bank of America and BankUnited didn't immediately respond to messages seeking comment. Defaults tend to rise in a rate-hiking environment, and Fitch has expressed concern on the impact of office loan defaults on smaller banks.

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Persons: JPMorgan Chase, Chris Wolfe, Fitch, Wolfe, Moody's, Jamie Dimon, JPMorgan, BankUnited didn't, Morgan Stanley Organizations: JPMorgan, CNBC, . Bank, Bank of America, Citigroup, BBB, Federal Reserve, AA Locations: U.S, York, Miami Lakes , Florida