Arab Today, arab today moody\s downgrades world\s oldest bank to \junk\
Last Updated : GMT 06:51:55
Arab Today, arab today
Arab Today, arab today

Moody\'s downgrades world\'s oldest bank to \'junk\'

Arab Today, arab today

Arab Today, arab today Moody\'s downgrades world\'s oldest bank to \'junk\'

Rome - AFP

Moody\'s credit rating agency on Thursday downgraded the world\'s oldest bank, Italy\'s Banca Monte dei Paschi di Siena, to \"junk\" status on worries government recapitalisation plans will prove insufficient. The lowering of BMPS\'s rating by two notches to \"Baaa3\", a non-investment grade, reflects Moody\'s view that \"there remains a material probability that the bank will need to seek further external support,\" the agency said. Critically exposed to the eurozone debt crisis, in June BMPS was forced to accept a government bailout, borrowing roughly 1.5 billion euros ($1.87 billion) in order to pay off debt and shore up its capital. The bank has also said it would reduce its workforce by 4,600 people by 2015.

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