Calling Italy's banks among the 10 weakest globally, Moody’s has cut its outlook on the European nation’s financial institutions to negative, from stable. The outlook shift follows a change in Italy's sovereign outlook to negative after Italians rejected constitutional reforms in a referendum earlier this month, causing political uncertainty.
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In Moody’s stress tests, Italians banks – hobbled by high problem loans and a high cost-to-income ratio – performed worse than those in Portugal, Spain and Ireland.
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