S&P Downgrades 15 Italian Financial Institutions, Says Country Faces Deeper Recession Than Previously Thought

from Zero Hedge

It is late in the afternoon on a Friday, which means one thing: it is time to dump all left over bad news under the rug. Sure enough, here comes S&P. From Bloomberg:

  • S&P CUTS RATINGS ON 15 ITALIAN FINL INSTITUTIONS
  • S&P TAKES RATING ACTIONS ON 32 ITALIAN FINL INSTITUTIONS
  • BANCA MONTE DEI PASCHI DI SIENA SPA CUT TO BBB-/NEGATIVE/A-3
  • BANCA POPOLARE DI MILANO SCRL CUT TO BB+/NEGATIVE/B BY S&P
  • S&P SEES ITALIAN BANKS’ VULNERABILITY TO CREDIT RISK RISING
  • S&P SAYS ITALY FACES POTENTIAL DEEPER RECESSION THAN IT THOUGHT

Full release:

Standard & Poor’s Ratings Services today said it has taken rating actions on 32 Italian financial institutions.

These include affirming our counterparty credit ratings on 15 entities, lowering our ratings on 15, removing the ratings on four from CreditWatch negative, and revising the outlook on one.

Continue Reading at ZeroHedge.com…

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