Fitch cuts UBI ratings; affirms Intesa, UniCredit, Monte Paschi

April 1, 2015 9:38 PM

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MILAN, April 1 (Reuters) - Fitch Ratings has cut its long-term issuer default rating (IDR) on Italy's UBI Banca to reflect deteriorated asset quality but has affirmed ratings on Intesa Sanpaolo, UniCredit and Monte dei Paschi di Siena.

In a statement on Wednesday Fitch said it had cut its IDR on UBI to 'BBB'/'F3' from 'BBB+'/'F2', saying the lender's impaired loans had materially risen during the domestic recession.

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