MILAN: Standard & Poor's has put the long-term 'BB-' rating of unlisted Italian lender Veneto Banca on credit watch negative, the ratings agency said in a statement on Thursday.
"The potential consequences of Italian tax authorities' investigations into Italy-based Veneto Banca SCPA's former chairman and current general manager as well as into certain loan practices could weaken Veneto Banca's credit profile, particularly through reputational risk," it added.
Tax police searched the headquarters of the cooperative lender earlier this month as investigating magistrates in Rome look into allegations of obstructing regulators.
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