AFP - Standard & Poor's on Wednesday cut its credit rating
for troubled Italian bank Monte dei Paschi di Siena -- the world's
oldest surviving lender -- to speculative-grade status of BB+ from BBB-.
The ratings agency said it was also placing the bank on negative outlook.
"Deteriorating trends in Banca Monte dei Paschi di Siena's financial
position make it unlikely that the bank would restore profitability and
improve its capital and funding position in line with our previous
expectations.
"The difficult economic and operating environment we anticipate in
the Italian market will compound the challenges for MPS to implement
successfully its business plan," the agency said in a statement.
READ MORE: http://www.france24.com/en/20121205-sp-downgrades-worlds-oldest-bank-junk-status
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