Milano-Italian banks were down sharply on the Milan Stock Exchange Friday after rating Agency Moody's said it was considering lowering their credit worthiness.
Unicredit Bank shares in the country's largest, were down 8 percent in late morning trading on Friday. Intesa Sanpaolo, second largest bank of Italy and Monte Paschi were also down.
In a report released late Thursday, Moody's Investors Service's placed the rating for long-term debt and deposit of 16 Italian banks and two Italian Government related financial institutions on the review for a possible downgrade.
The Agency also changed the rating Outlook to negative from stable on the long-term debt rating and a further 13 Italian banks,
The move comes after Moody's put Italy's public debt on review for possible downgrade on concerns about low growth and high public debt, which, at about 120 percent of GDP, is one of the largest in Europe.
Treated Italy of Moody another shot recently placing several English-government related issuers on review for a possible downgrade. These include energy companies Eni and Enel SpA SpA, engineering and construction company Finmeccanica SpA and Poste Italiane SpA, the postal service nationwide.
It is not only to express concerns about Italy. Standard and poor's recently cut its rating Outlook for Italy's debt from stable to negative.
Italy's financial system has come to further examination on fears of contagion from the Greek crisis.
Tidak ada komentar:
Posting Komentar