Three of Italy's leading banks in forex have had their debt ratings lowered by U.S. credit rating agency Standard & Poor's Corp. Istituto Bancario San Paolo di Torino, rated by London sources as the most aggressive player in the market both in Italy and London (FX Week, December 21), has had its senior debt rating cut to A-plus from AA, while Banca Commerciale Italiana's and Banca Nazionale del Lavoro's are reduced to A from AA-minus.

Reuters and Knight-Ridder are boasting about their

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