A new report from CNBC on Tuesday revealed an analyst from Fitch Ratings has now warned that if the agency cuts its assessment of the operating environment for the banking industry in the United States any further, US banks, including JPMorgan Chase (JPM.N) could be downgraded as well.

The agency already lowered the score of the operating environment of the banking industry in the United States from AA to AA-, due to pressure on the nation’s credit rating, regulatory framework gaps, and uncertainty over the future path the Federal Reserve will take with respect to interest rate hikes.

Fitch analyst Chris Wolfe told CNBC that if the agency is forced to lower its operating environment assessment one more notch from AA- to A+, then Fitch will be forced to reevaluate its ratings for each of the over 70 banks which it reviews.

Earlier this month, lenders were shocked when Fitch’s peer Moody’s released a surprise downgrade of 10 mid-sized US banks and warned that several others may see their ratings downgraded as well.