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Fitch downgrades Italy's Banca Carige following state intervention

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Fitch downgrades Italy's Banca Carige following state intervention

Fitch Ratings on Jan. 17 downgraded the long-term issuer default rating of Banca Carige SpA to CCC from CCC+ and placed the rating on Rating Watch Evolving.

The rating agency also lowered the troubled Italian lender's viability rating to "f" from "ccc+" and its long-term senior unsecured debt ratings to CC from CCC+. Meanwhile, Fitch affirmed Carige's short-term issuer default and senior unsecured ratings at C, its support rating at 5 and support rating floor at No Floor.

The downgrade comes after the Italian government allowed the bank to issue state-backed bonds and access public precautionary recapitalization. The downgraded long-term rating reflects the agency's view that Carige's senior creditors face an increased loss risk due to the state intervention.