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News Breaks | | | | August 3, 2012 | | 15:39 EDT |  | UNCFF | S&P takes rating actions on 32 Italian financial institutions
Standard & Poor's Ratings Services said it has taken rating actions on 32 Italian financial institutions. These include affirming its counterparty credit ratings on 15 entities, lowering its ratings on 15, removing the ratings on four from CreditWatch negative, and revising the outlook on one. The rating actions reflect S&P's view of increased credit risk for the Italian economy and its banks. They follow its revision of the economic risk score for Italy, one of the main components of our Banking Industry Country Risk Assessment, to '5' from '4', the ratings service said. UniCredit (UNCFF) was among the institutions that were affirmed. | |
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