Just so the Italian banks don't feel isolated and get more than their fair share of intraday limit down closes, here comes S&P, via Bloomberg:
- S&P Cuts Ratings on 15 Italian Banks After Italy Downgrade
- S&P cuts Intesa Sanpaolo ratings to A from A+; outlook negative
- S&P cuts Mediobanca ratings to A from A+; outlook negative
- UniCredit Spa Rating Outlook to Negative by S&P
- Findomestic Banca Cut to A From A+ by S&P
Judging by the market response, forget QE3: QE 3000 must be coming.