Moody's Puts Banca Ifis on Downgrade Review Following Supervisory Inspection

Moody's on Friday put Banca Ifis (IF.MI) and its unit illimity Bank's ratings on review for downgrade following the Bank of Italy's supervisory inspection of the group. The rating agency said the lender reported additional loan loss provisions of 30 million euros following the inspection. The amount is on top of the 40 million-euro provisions on illimity Bank, which it intends to merge and integrate before year-end. The action covers Banca Ifis' Baa3 issuer and senior unsecured debt ratings. The outlooks were previously stable.