Banks

Rating: Baa1/A-/A+

Rating: Baa1/BBB/BBB

Italian banks are paying up for funding, both a cause and effect of financial stress in the country. It shows why the European Central Bank is likely to continue with TLTRO (targeted longer-term refinancing operations), and why the Italian government has less leverage over Europe than meets the eye.

Rating: Aaa/AAA

Rating: A2/A+/A+

Rating: Aaa/AAA

Rating: Aa1/AA+

Rating: Baa3/BBB-/BBB

Rating: Aa1/A+/AA

Guarantor: Kingdom of Spain

Rating: Aaa/AAA

Rating: Aa3/AA/AA-