Moody's cuts Cassa Centrale

Moody's Investors Service said it downgraded Cassa Centrale Banca-Credito Cooperativo del Nord Est's long- and short-term deposit ratings to Baa3/Prime-3 from A3/Prime 2 and the standalone bank financial strength rating to D+/Baa3 from C/B3.

The outlook is negative.

Moody's said the downgrade of Cassa Centrale's standalone ratings reflects its weaker credit fundamentals and pressures from the weakening macro environment in Italy.

The downgrade of the long and short-term ratings directly follows the downgrade of the bank financial strength rating and also reflects Moody's lower assessment of the credit strength of Cassa Centrale's support provider, the Banche di Credito Cooperativo, the agency said.

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