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Fitch downgrades Iccrea Banca, unit

Fitch Ratings on Dec. 20 downgraded certain ratings of Italy's Iccrea Banca SpA and unit Iccrea BancaImpresa SpA.

The agency downgraded the banks' long-term issuer default ratings to BB from BB+, with a stable outlook, and their viability ratings to "bb" from "bb+." Fitch affirmed the two banks' B short-term issuer default ratings, 5 support ratings, and No Floor support rating floors.

The downgrade reflects the agency's view that the parent bank's nonperforming loan deleveraging has been slower than its domestic peers, which affects its capitalization, while profitability has weakened.