Moody’s downgrades 13 Italian banks

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Moody's Investors Service has slashed the credit ratings of 13 Italian banks, three days after downgrading the government’s credit rating.

Italian banks had previously been downgraded in mid-May as part of an international bank rating review.

Last week, Moody’s downgraded Italian government bonds by two notches due to concerns over the country’s higher funding costs and slowdown in growth and the risk of contagion from the economic crises in Greece and Spain.

(press tv)

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