S&P cuts, affirms 15 Italian banks as recession looms

NEW YORK (Reuters) - Ratings agency Standard & Poor's on Friday downgraded a broad swath of Italian banks, citing worries that the recession in the euro zone's third-largest economy could mean mounting losses for the country's lenders. Among the banks cut were giant Monte dei Paschi di Siena SpA . That bank stayed within the investment grade category - but only barely, slipping to BBB-minus from BBB. Monte Paschi, which has laid out a tough restructuring plan, is regarded as the weakest among Italy's top banks and was forced to ask state aid in June to boost its weak capital base. ...