ITALIAN BANKS DOWNGRADED
Stocks at Lows, 34 Italian Banks Downgraded
Published: Friday, 10 Feb 2012
By: JeeYeon Park
CNBC.com Writer
Stocks accelerated their losses Friday, on track to logging their worst session this year, after stalled debt negotiations in Greece, some disappointing economic news and reports that S&P downgraded a handful of Italian banks.
In the latest round of disappointment from the euro zone, ratings agency S&P downgraded 34 of 37 Italian banks, including banking giant UniCredit, citing worries over the banking industry and economic risks in the country.
The move comes after the ratings agency's downgrade of Italy's sovereign rating in January to BBB+, along with downgrades of nine other euro zone countries.
All three major averages are on track to posting their worst session this year.
Full story: http://www.cnbc.com/id/46341006
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