Comment: S&P Downgrades 15 Italian Financial Institutions

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S&P Downgrades 15 Italian Financial Institutions

S&P Downgrades 15 Italian Financial Institutions, Says Country Faces Deeper Recession Than Previously Thought
8/3/12

It is late in the afternoon on a Friday, which means one thing: it is time to dump all left over bad news under the rug. Sure enough, here comes S&P. From Bloomberg:

S&P CUTS RATINGS ON 15 ITALIAN FINL INSTITUTIONS
S&P TAKES RATING ACTIONS ON 32 ITALIAN FINL INSTITUTIONS
BANCA MONTE DEI PASCHI DI SIENA SPA CUT TO BBB-/NEGATIVE/A-3
BANCA POPOLARE DI MILANO SCRL CUT TO BB+/NEGATIVE/B BY S&P
S&P SEES ITALIAN BANKS' VULNERABILITY TO CREDIT RISK RISING
S&P SAYS ITALY FACES POTENTIAL DEEPER RECESSION THAN IT THOUGHT

Full release here:
http://www.zerohedge.com/news/sp-downgrades-15-italian-finan...