Briefs: Italian banks downgraded and GRG ATM seeks support 15 May 2012 4:45PM Briefs, Moody's downgraded the long-term credit ratings of 26 Italian banks early today. The ratings agency cut the ratings by between one and four notches. The action is the first in what will be a series of re-ratings for many banks in Europe as part of a wider review. The ratings outlook for all banks remains negative. The main rationale for the downgrades is the "increasingly adverse operating conditions" afflicting the sector in the context of austerity in Italy (and across Europe) and "restricted access to funding". ATM operator GRG International will seek shareholder endorsement for recent share issues in order to provide fresh headroom for share placements without shareholder approval. The move suggests that GRG will continue to make small acquisitions, or pay for services, with its own shares.