Moody’s issues downgrade for 13 Italian banks
NEW YORK — Ratings agency Moody’s Investors Service is downgrading the credit ratings for 13 Italian banks.
The government’s lower rating means Moody’s believes it is at greater risk of defaulting on its debts and “indicates a similarly increased risk that the government might be unable to provide financial support to its banks in financial distress.”
Moody’s says fragile market confidence and financial problems in Greece and Spain have increased the risks Italy faces.
