Standard and Poor's on Friday lowered the credit rating of 34 Italian banks in a move that follows the agency's two-notch downgrade of Italy on January 13.Italy's biggest financial institutions, including UniCredit, Intesa Sanpaolo, Banca Nazionale del Lavoro and Mediobanca, were hit.In January, Standard and Poor's downgraded Italy's credit rating by two notches to BBB+ from A.
MILAN (Reuters) - Rating agency Standard & Poor's cut its credit ratings on the two biggest Italian banks, UniCredit and Intesa Sanpaolo , as well as that of insurer Generali , following its downgrade of Italy's sovereign rating.
In the wake of S&P debt downgrades, Merkel vows faster eurozone reforms.
European leaders promised on Saturday to speed up plans to strengthen spending rules and get a permanent bailout fund up and running as soon as possible, a day after U.S. agency S&P cut the ratings of several euro zone countries' creditworthiness.
Credit rating agency Standard and Poor's announced on Friday that it had downgraded top Greek banks, Eurobank and Alphabank, and put two others on negative watch.SandP, which had downgraded Greek soverign debt on Wednesday, said it had downgraded the long-term ratings with negative watch of Eurobank, the second-biggest bank and Alphabank, the third biggest, to BBB from BBB plus.It also placed their short-term A2 rating under negative watch.
NEW YORK (Reuters) - As the United States threatened to default on its debt last month, major U.S. banks set up war rooms, spent many millions of dollars on contingency planning and, in some cases, even prepared to underwrite federal government benefits.
I was working on this post Tuesday morning when the phone rang and, to use Paul Krugman's phrase, life intervened. I had something to say about it, but I don't know what it was at this point. Anyway, may as well post it now (posts fom me will continue to be sparse/absent for awhile -- immense thanks for the outporing of support):
Ratings agency Standard and Poor's downgraded Italian automaker Fiat's long-term corporate credit rating from BB to BB-, citing weak demand in Italy and overcapacity in Europe.The announcement came after the Italian auto giant said its net profit in the first quarter soared ten-fold to 379 million euros ($500 million) thanks to its US partner Chrysler, without which it would be in the red.S&P highlighted an increase in the Italian auto giant's debt as well as the "difficult period in the European auto market."
Moody's downgraded Credit Agricole, BNP Paribas, and Societe Generale today. This is fresh on the heels of a September downgrade of Credit Agricole and Societe Generale in September.
Please consider French bank ratings downgraded again by Moody's
Credit rating agency Moody's has downgraded France's three big banks due to their difficulty borrowing money. The agency cut Credit Agricole and BNP Paribas from Aa2 to Aa3, and Societe Generale from Aa3 to A1.