Moody’s cuts Italian lenders

Ben Southwood
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RATINGS agency Moody’s downgraded eight Italian banks yesterday, due to worsened feelings about Italian government debt, following Italy’s sovereign downgrade on Friday.

The UniCredit and Intesa Sanpaolo groups saw their members’ long-term ratings cut across the board, to Baa2 or Baa3. Smaller banks Instituto Servizi Mercato Agricolo Alimentare, GE Capital, Cassa Depositi e Prestiti, Credito Emiliano, Banca Carige and Cassa di Risparmio di Parma e Piacenza also saw their ratings cut.