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A few Ratings relevant notes, after 10-Yr.....>

ITALY
ITALY: A few Ratings relevant notes, after 10-Yr Italy/Germany cash spreads
ended day on highs:
- `ITALY TREASURY SOURCE SAYS EARLY RETIREMENT OPTION IN BUDGET IS STRUCTURAL,
NOT ONE-OFF` just reported by Reuters. Note that Moody's in last Friday's Italy
downgrade treated the pension changes to allow early retirement as a one-off
charge for 2019 only.
- A few minutes ago Moody's just announced it was taking action on "12 Italian
financial institutions", "downgrading the long-term deposit ratings and/or the
counterparty Risk Ratings of eight banks, the long-term issuer and/or senior
unsecured debt ratings of three institutions, and the long-term Counterparty
Risk Assessments of seven banks."
- Moody's revised the outlooks on the long-term deposit and senior
unsecured debt ratings of UniCredit, and on the long-term issuer rating of FCA
Bank to stable from positive.

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