One week after Fitch downgraded Italian banks to a negative outlook due to soaring bad debt, and risks resulting from the failed referendum, moments ago Moody's did the same, when it announced it was changing its outlook on the Italian banking sector to negative from stable due to increasing capital needs and weakening confidence.
While hardly a surprise, Moody's said that "Italian banks currently have one of the highest problem loan ratios in Europe at 16.4% of total loans, more than three times the 5.4% European average, as data from the European Banking Authority as of June 2016 showed."
For those who missed it, a good breakdown of imapired loans to capital was shown by Fitch last week.
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