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One analyst warns that a major shakeup in the banking industry may be ahead. Back in June, Fitch Ratings dropped its assessment of the U.S. banking industry’s health down to AA-. This didn’t gain a lot of attention because it didn’t result in the downgrade any individual banks.

But now Chris Wolfe, an analyst for Fitch, is warning that another drop would force the service to downgrade four major banks, including the Bank of America and JP Morgan Chase.

That could then snowball as the company reanalyzes the more than 70 U.S. banks it currently covers.

Any bank downgrades can scare away investors or cut into bank profits.

Wolfe added that the bank rating may hold for another 10 years, but he says “if it goes down, there will be consequences.”

Moody’s downgraded 10 U.S. banks earlier this month while Fitch also slashed the U.S. long-term credit rating.