Moody's cut credit rating of 26 Italian banks

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Source: BBC
Mood's has lowered the credit rating of 26 Italian banks, citing that the county's financial sector is becoming more vulnerable to crisis and impacts of the budget reductions. The largest Italian banks as Unicredit and Intesa Sanpaolo were also downgraded from A2 to A3. Ten banks were downgraded to junk status. All banks were put on negative watch, implying that further cuts are possible.

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Tue, 15 May 2012 06:33:25 GMT

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