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Moody’s cuts 11 European banks’ ratings | Reuters

Moody’s has cut the ratings of 11 European banks and said it would cut again if Greece ditched the euro, kicking off a long-awaited round of downgrades for major European institutions.

Moody’s Investors Service said on Friday it had taken action against five Dutch banking groups, three French banks and one each from Belgium and Luxembourg.

Investors shrugged off the news after central banks from major economies had indicated they were prepared to take steps, including coordinated action, to stabilise markets in the wake of Greece’s election on Sunday. The benchmark FTSEurofirst 300 index .FTEU3 was up 0.7 percent at 09:35 British Time (0835 GMT).

via Moody’s cuts 11 European banks’ ratings | Reuters.

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