The rating agency Standard & Poor's cut the rating of 34 Italian banks. This is what the Bloomberg agency reports. Among the institutes hit by the rating agency's ax are Unicredit, Intesa SanPaolo, Mediobanca and Monte dei Paschi.
S&P has downgraded the rating of 34 of the 37 Italian banks subject to its judgment. All also have a negative outlook. Cut to 'BBB+', among others, Unicredit, Intesa Sanpaolo, Mediobanca, Ubi Banca and Bnl. Banco Popolare saw its rating reduced to 'BBB-' as did Popolare di Milano and Banca Carige, while MPS's credit rating was revised to 'BBB'.
The downgrade of the banks by S&P follows the similar action on the rating of the Italian Republic to 'BBB+', announced on 13 January, and the agency justifies its decision with fears about the profitability of our banks and their capacity to refinance wholesale debt.
