Standard & Poor's cut the rating of 18 Italian banks but confirmed the rating on the two largest, Intesa Sanpaolo and Unicredit (confirmed at BBB level). The cut of a step has instead affected, among others, Ubi and Credem which now have a rating of BBB-. BB Popolare di Vicenza, Veneto Banca, Bpm, Bper and Banco Popolare went down a notch. Down at BB- Unipol Banca.
For all these institutions, the negative credit watch issued on 12 July has been removed. According to Standard & Poor's “Italian banks are operating in an environment with higher economic risks being exposed to a longer and deeper recession than we had previously forecast”.
