Business Latest News: Standard & Poor's Downgrades Italy's Biggest Banks, Insurer

Wochit 1:27 mins

Rating agency Standard & Poor's cut its credit ratings on the two biggest Italian banks, UniCredit and Intesa Sanpaolo , as well as that of insurer Generali , following its downgrade of Italy's sovereign rating. Ratings for UniCredit and the long-term rating of Intesa Sanpaolo were lowered to 'BBB' from 'BBB+', and Generali's rating was reduced to 'A-' from 'A' Shares of several Boeing suppliers fell after a fire broke out aboard a Dreamliner 787 aircraft parked at London's Heathrow airport, recalling a series of previous fires that had grounded Boeing's most advanced jet for months. The day before two separate incidents made news for the wrong reasons, Boeing's South Carolina 787 Dreamliner manufacturing plant got a large tax break when the North Charleston City Council voted to slash the current top rate used to calculate annual fees for businesses earning $250 million or more in half. The state's largest private employer, Boeing pays the city 0.1 percent on gross revenue from its local plant. The new rate applies to revenue that exceeds $7.5 billion a year. For revenue between $250 million and $7.5 billion, the rate was cut to 5 percent from 10 percent.

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