Moody's cuts Patagonia notes

Moody's Investors Service said it announced that it downgraded Patagonia Finance SA's €453.2115 million of senior zero-coupon notes rating to A3 from A2.

The transaction is a repackaging of Banca Monte dei Paschi di Siena SpA bonds. The downgrade is a response to the downgrade of Banca Monte dei Paschi di Siena SpA's rating to A3 on Oct. 20, the agency said.

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