S&P downgrades 34 Italian banks

Standard & Poor's rating agency has downgraded 34 Italian banks.

The banks whose ratings were cut included the country's biggest bank Unicredit, which was downgraded from A to BBB+ with a negative outlook, the ANSA news agency said Friday.

The action was a consequence of the downgrading of Italy to BBB+ decided Jan 13, Xinhua quoted a statement from S&P as saying.

On Jan 19, Milan Police carried out checks in a local S&P office as part of a probe against some rating agencies accused of manipulating market with "false, unfounded or otherwise imprudent judgments" on Italy's economic-financial system and banks.  

Narendra Modi or Rahul Gandhi? Who will win the battle royale of the Lok Sabha Elections 2019

Get real-time news updates, views and analysis on Lok Sabha Elections 2019 on Deccanherald.com/news/lok-sabha-elections-2019 

Like us on Facebook or follow us on Twitter and Instagram with #DHPoliticalTheatre for live updates on the Indian general elections 2019.

Liked the story?

  • 0

  • 0

  • 0

  • 0

  • 0