S&P says may cut Veneto Banca's BB rating
MILAN, April 15
MILAN, April 15 (Reuters) - Standard & Poor's may cut Veneto Banca's long-term 'BB' rating by one or two notches, the rating agency said on Tuesday, warning the Italian mid-sized bank could have difficulties meeting its capital strengthening and business targets.
S&P said it was placing the bank's ratings on review for a possible downgrade following the unveiling of its new 2014-2018 business plan and capital raising measures comprising a 500 million euros share sale and the conversion of a 350 million euro bond into equity.
S&P said it would wait until after shareholders meeting on April 26 named a new board to assess "both the bank's management stability and its capacity to complete the actions announced."
Veneto Banca is one of 15 Italian lenders under review by the European Central Bank in a check up of euro zone banks this year. (Reporting by Valentina Za; editing by Francesca Landini)
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