Moody's Lowers Ratings of Banca Monte dei Paschi di Siena SpA with Negative Outlook

Banca Monte dei Paschi di Siena SpA announced that Moody’s has lowered the bank's ratings as well as its subordinated debt and hybrid ratings. In particular, Moody's has downgraded the standalone Bank Financial Strength Rating to E from D, the long-term rating to Ba2 from Baa3, and the short-term rating to NP from P-3. The outlook remains negative. The Group’s subsidiary MPS Capital Services was also affected by the downgrade action, with ratings now at the same level as Banca Monte dei Paschi di Siena.