Bank Downgrades Jump The Atlantic: S&P Cuts Numerous Italian Banks

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.


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