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IPFS News Link • Economy - International

S&P downgrades world's oldest bank to junk status

Standard & Poor's on Wednesday cut its credit rating for troubled Italian bank Monte dei Paschi di Siena -- the world's oldest surviving lender -- to speculative-grade status of BB+ from BBB-.

The ratings agency said it was also placing the bank on negative outlook.


1 Comments in Response to

Comment by Ed Price
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The only possible conclusion that we can come to is that this bank was more or less an "honest" bank. The reason that they are having so much difficulty - and the S&P downgrade - is that no bank can survive as part of the world banking system and still retain any REAL honesty.