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Moody's downgrades Italy's Carige, warns could fail ECB's review
April 8, 2014 / 5:41 PM / 4 years ago

Moody's downgrades Italy's Carige, warns could fail ECB's review

MILAN, April 8 (Reuters) - Moody’s downgraded Banca Carige deeper into junk territory on Tuesday and said there was a “very high” risk the Italian lender may fail a Europe-wide banking review, after a large 2013 loss, and require external support.

Moody’s cut Carige’s long-term issuer and deposit ratings by one notch, to Caa1 from B3. It also lowered the bank’s standalone baseline credit assessment (BCA) by one notch to Caa3 from Caa2.

Reporting by Valentina Za; Editing by Erica Billingham

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