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Fitch downgrades Popolare di Vicenza on bail-in risk

Mar 21, 2017 - SNL European Financials Daily

Fitch Ratings on March 17 downgraded Banca Popolare di Vicenza SpA's long- and short-term issuer default ratings to CCC/C from B-/B and placed them on Rating Watch Evolving.

Fitch also downgraded the Italian lender's viability rating to "cc" from "b-" and affirmed the support rating at 5 and support rating floor at No Floor.

The downgrade of the long-term issuer default rating reflects Fitch's view of a real possibility that losses could be imposed on senior bondholders if a conversi...