TNBiz (TNBiz)
World markets  |  July 17, 2012 00:00:05

Moody's downgraded rating of 13 Italian banks


WASHINGTON (MEDIAFAX) - Moody's downgraded ratings on Monday 13 Italian banks by one or two degrees. Informs AFP.

Rating major Italian banks Unicredit and Intesa Sanpaolo fell by two degrees from A3 to Baa2.

"This is the result of a downgrade Italy," Moody's said in a statement.

The agency added that the rating is not higher than banks' rating of the state "because of their interdependence".

Last Thursday, Moody's downgraded Italy's two degrees from A3 to Baa2. The Agency assumes that Italy can now "more likely to experience a sharp increase in the cost of borrowing and loss of market access," Italian economic outlook worsens, the country waits for lower growth and high unemployment, which increases the risk of failure of fiscal consolidation objectives. "

Denise Streublová, streublova@mediafax.cz

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Moody's snížila rating 13 italských bank

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