Moody's cuts Intesa Sanpaolo

Moody's Investors Service said it downgraded Intesa Sanpaolo's long-term debt and deposit ratings were downgraded to Aa3 from Aa2.

The prime-1 short-term debt and deposit ratings were unaffected by this action, Moody's said.

The outlook was changed to stable from negative.

Moody's also said it downgraded to A1 from Aa3 the long-term deposit rating of Banca Infrastrutture Innovazione e Sviluppo, Intesa's Italian subsidiary involved in lending to the public sector.

The downgrades reflect Intesa's weakened profitability and deteriorated asset quality, the agency said.

The stable outlook reflects an expectation that the performance weakening is bottoming out, but that any improvement is likely to be limited, the agency said.

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