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S&P downgrades 15 Italian financial institutions
Ratings
agency Standard & Poor's has slashed the credit ratings of 15
Italian financial institutions, saying the country faces a deeper and
more prolonged recession than the agency had originally expected.
3
August, 2012
On
Friday, the US financial services company lowered the debt ratings of
Banca Popolare dell'Emilia Romagna and 14 other financial
institutions, but left ratings unchanged for UniCredit, Intesa
Sanpaolo, and Mediobanca.
The
downgrade delivers another shock to Italy, which has been in
recession since mid-2011.
Over
the past decade, Italy has been the slowest growing economy in the
eurozone single currency area.
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