Italian bank downgrades

Moody's downgrades Italian banks, outlook negative

Moody's Investors Service downgraded the long-term debt and deposit ratings for 26 Italian banks on Monday, citing the country's recession and rising bad debt levels.

Reuters,

26 April, 2012

The banks were all downgraded by at least one notch, and for some, by as many as four notches, Moody's said, adding all of the banks affected have a negative outlook.

The moves marked another blow for Italy's top five banks after they were asked to find some 15 billion euros by June to meet tougher capital requirements set by the European Banking Authority due to vast holdings of domestic government bonds

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