Moody's cuts Banca Popolare di Milano

Moody's Investors Service said it downgraded the ratings of Banca Popolare di Milano's preferred securities to B3 hybrid with a negative outlook from B1 hybrid following the bank's announcement that it will not pay the coupons due in June and July 2012.

Moody's said the two-notch downgrade reflects the coupon omission this year and some uncertainty in Moody's view whether coupon payments will be resumed next year again, given the challenging operating environment.

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