Fitch cut the ratings of seven Italian banks, following the March 8 downgrade of Italy to BBB+, with a negative outlook. Among the downgraded institutions are the major Italian banking groups.
The long-term credit rating of Intesa Sanpaolo moved to BBB+ from A-, with negative outlook. Same fate for Unicredit. For Banco Popolare and Ubi, Fitch confirmed the rating, but cut Banco Popolare's outlook from stable to negative.
Today in mid-morning, Intesa's share lost half a point in Piazza Affari, while that of Unicredit travels in the red by 1,08%.
