S&P affirms ratings of bigger Italian banks

Aug 6, 2012, 7:09 PM

MILAN (AP) – Standard & Poor’s on Monday affirmed the ratings of 15 of Italy’s biggest banks, and has cut the ratings on 15 more lenders.

The U.S. credit ratings agency warned that Italy’s recession will be potentially deeper and more prolonged than previously thought. It said that while problem assets were mounting, many banks had reduced provisions for loan losses, making them more vulnerable.

Investors are concerned that recession-hit Italy will find it more and more difficult to handle its debt burden _ about 123 percent of its (EURO)1.58 trillion ($1.93 trillion) gross domestic product _ and have been demanding higher interest rates on its bonds.

The ratings of UniCredit SpA and Intesa Sanpaolo SpA were confirmed by S&P. They were among 34 banks that had their S&P ratings downgraded in February due to the country’s financial vulnerability and expectations of lower earnings.

Banca Carige SpA, Banca Popolare dell’Alto Adige and Unione di Banche Italiane, among others, also saw their ratings reduced further.

But there was also some encouraging news for Italian state finances Monday. The Finance Ministry said that tax revenues in the first six months of 2012 had increased by 4.3 percent compared to the same period in 2011.

Premier Mario Monti’s government has worked to crack down on tax evasion since taking office last November.

(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

World News

In this Wednesday, Sept. 21, 2022, photo taken by an individual not employed by the Associated Pres...
Associated Press

At least 9 killed as Iran protests over woman’s death spread

DUBAI, United Arab Emirates (AP) — Clashes between Iranian security forces and protesters angry over the death of a 22-year-old woman in police custody have killed at least nine people since the violence erupted over the weekend, according to a tally Thursday by The Associated Press. The scope of Iran’s ongoing unrest, the worst in […]
3 days ago
Royal guards stand by the coffin of Britain's Queen Elizabeth II, as members of the public pay thei...
Associated Press

Queen Elizabeth II’s funeral | Live updates

WINDSOR, England — Queen Elizabeth II has been interred together with her late husband, Prince Philip, at St. George’s Chapel in Windsor Castle, officials said. The royal family’s official website said the Dean of Windsor conducted a private burial ceremony late Monday at the King George VI Memorial Chapel, an annex inside St. George’s, a […]
6 days ago
Britain's King Charles III and Camilla, the Queen Consort leave after a Service of Prayer and Refle...
Associated Press

Live updates: Queen’s funeral police effort is biggest ever

LONDON — London police say Queen Elizabeth II’s funeral on Monday will be the largest single policing event the force has ever handled. Metropolitan Police Deputy Assistant Commissioner Stuart Cundy said Friday that the massive police operation surpasses even the 2012 Olympics, which were held in the British capital, and the celebrations earlier this year […]
9 days ago
In this photo released by Xinhua News Agency, a medical worker takes a swab sample from a resident ...
Associated Press

WHO: COVID end ‘in sight,’ deaths at lowest since March 2020

GENEVA (AP) — The head of the World Health Organization said Wednesday that the number of coronavirus deaths worldwide last week was the lowest reported in the pandemic since March 2020, marking what could be a turning point in the years-long global outbreak. At a press briefing in Geneva, WHO Director-General Tedros Adhanom Ghebreyesus said […]
11 days ago
Kenya's new president William Ruto signs the book of condolence for Queen Elizabeth II at the resid...
Associated Press

Live updates: Public views queen’s coffin in ancient hall

LONDON — Members of the public who waited outside for many hours are filing through Westminster Hall to pay their respects at the queen’s coffin, which is lying in state there. People are filing past each side of the coffin, most pausing for a brief moment to bow their heads. Some wiped their eyes while […]
11 days ago
The procession with the coffin of Queen Elizabeth II, followed by, from left, King Charles III, Pri...
Associated Press

Live updates: King and siblings stand vigil to honor queen

EDINBURGH, Scotland — King Charles III and his siblings have stood in silent vigil around their mother Queen Elizabeth II’s coffin in St Giles’ Cathedral in Edinburgh. Charles, Princess Anne, Princess Andrew and Prince Edward lowered their heads as they stood at four sides of the oak coffin. They stood for about 10 minutes alongside […]
13 days ago

Sponsored Articles

...
Children’s Cancer Network

Children’s Cancer Network celebrates cancer-fighting superheroes, raises funds during September’s Childhood Cancer Awareness Month

Jace Hyduchak was like most other kids in his kindergarten class: He loved to play basketball, dress up like his favorite superheroes and jump as high as his pint-sized body would take him on his backyard trampoline.
...
Day & Night Air Conditioning, Heating and Plumbing

Here are 4 signs the HVAC unit needs to be replaced

Pool renovations and kitchen upgrades may seem enticing, but at the forefront of these investments arguably should be what residents use the most. In a state where summertime is sweltering, access to a functioning HVAC unit can be critical.
...
Dr. Richard Carmona

Great news: Children under 5 can now get COVID-19 vaccine

After more than two years of battle with an invisible killer, we can now vaccinate the youngest among us against COVID-19. This is great news.
S&P affirms ratings of bigger Italian banks