Moody's downgrades ratings of 26 Italian banks
World BusinessMay 15, 2012
Moody's Investors Service downgraded the debt ratings of 26 Italian banks Monday as they struggled with the effect of the weak economy and government austerity measures.The move means Moody's now ranks Italy's banks lower than most of their Western European peers.The ratings agency said the banks are suffering because Italy is back in recession and government measures are cutting demand for loans.