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
The full downgrade matrix when we get it.