Moody's says Italian banks' outlook still negative

'Tough year of economic uncertainty' says US ratings agency

Moody's says Italian banks' outlook still negative

Rome, April 5 - The outlook for the Italian banking sector remains negative, Moody's said Friday. Italian banks are looking at another "tough year marked by economic uncertainty", the international ratings agency said. It said a further devaluation of loans was "likely". Moody's says inconclusive vote threatens Italy's rating S&P had said election would have no immediate impact After the inconclusive February 24-25 general election Moody's said Italy's credit rating was under threat as the nation faced the risk of prolonged political gridlock because of the failure to produce a clear winner. Pier Luigi Bersani's centre-left alliance came first but it failed to win a working majority in the Senate. "We would consider downgrading Italy's government debt rating in the event of additional material deterioration in the country's economic prospects or difficulties in implementing reform," Moody's said. "A deterioration in funding conditions as a result of new, substantial domestic economic and financial shocks from the euro area debt crisis would also place downward pressure on Italy's rating." Moody's gave Italy's long-term debt a rating of Baa2, two notches above junk status, in July 2012, when it said there were risks that the structural economic reforms and fiscal policies adopted by outgoing Premier Mario Monti's emergency government may not continue. Another rating agency, Standard & Poor's, said the election outcome would not immediately affect Italy's sovereign rating, while stressing that it could in the future. CRISI: MOODY'S,ANCORA SVALUTAZIONI PRESTITI,OUTLOOK NEGATIVO ANNO ANCORA DIFFICILE, AGENZIA MANTIENE PREVISIONI AL RIBASSO ROMA, 5 APR - L'outlook per il settore bancario italiano resta negativo, con gli istituti di credito che devono affrontare un altro anno difficile e caratterizzato da incertezze economiche. E' quanto sostiene Moody's in un rapporto focalizzato sul sistema creditizio italiano. Per l'agenzia di rating è probabile un ulteriore aumento delle svalutazioni sui prestiti.

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