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S&P lowers Banco Popolare
Standard & Poor's said it lowered to BB- from BB the long-term counterparty credit ratings on Banco Popolare Societa Cooperativa SCRL and its core subsidiaries, Credito Bergamasco and Banca Aletti & C SpA.
The companies are no longer on CreditWatch, where they were placed with negative implications Feb. 3, S&P said.
The outlook is negative.
The agency also said it affirmed the B short-term counterparty credit ratings on Banco Popolare and its subsidiaries.
The banks have weaker financial profiles than many peers due mainly to the ongoing deterioration of the credit quality of its assets, S&P said.
Banco Popolare's asset quality, which already is weaker than the Italian system average, deteriorated further in the fourth quarter of 2013, the agency said.
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