After the downgrading of Italy announced last Friday (rating at Baa3, stable outlook), Moody's launches a flurry of downgrades against the main public companies and Italian banks, which have a large amount of government bonds in their bellies. This is an expected decision, but it still risks having repercussions on the markets.
In detail, Moody's downgraded its rating to Eni from A3 to Baa1 and that of Poste from Baa2 to Baa3. The rating outlook of both groups has been changed to “stable”.
As for banks and financial companies, the US agency implemented eight downgrades of the long-term deposit rating and the counterparty risk rating of eight institutes, three downgrades of the long-term debt rating and seven of the counterparty risk long term. The measures announced by Moody's concern Unicredit, Understanding St. Paul, Banking Name, Cassa Depositi e Prestiti, Mediobanca, Ca Cariparma, FCA Bank, Bnl, Credit Emiliano, Raiffeisen Central Bank, Invitalia e Bank of the South.
In addition, Moody's revised its outlook on long-term deposit and senior unsecured debt Unicredit and on long-term debt FCA Bank to “stable” from “positive”. The agency also confirmed the assessment on the standalone rating of Imi Bank to Baa3 and that of Credit Agricole Cariparma to Ba1.
For Generali, the agency confirmed its Baa1 rating with a stable outlook, but downgraded its long-term debt rating by one notch UnipolSAI need Unipol, bringing it respectively to “Baa3” and “Ba2” (stable outlook).
At the same time, Moody's confirmed its Baa2 rating of Esselunga but raised the outlook to "stable" from "negative" and also confirmed the Ba1 rating of Leonardo, however lowering the outlook to “stable” from “positive” in this case. Finally confirmed the Baa3 rating of the Rai with a "stable" outlook and the opinion on Igd left unchanged at Baa3 with an outlook confirmed at "negative".
