Italy's downgrade did not affect the country's leading bank, but 5 other institutions did. The rating agency Fitch has indeed confirmed its opinion on the long-term rating of Unicredit at "A-", the short-term one at “F2” and the individual one at “a-“. However, the outlook on the Piazza Cordusio institute remains negative. Same fate for the Banco Popolare of Sondrio and Banco Desio, whose long-term rating is still at “A-“.
Fitch has instead cut its rating on 5 other Italian lenders. Monte dei Paschi di Siena e Banco Popolare have dropped from “BBB+” to “BBB", while Iccrea Holding, which includes several cooperative credit institutions, has dropped to "BBB +“. Bad news for too Where's Banca, downgraded from “A-” to “BBB +“. Finally, the other Italian banking giant, Intesa Sanpaolo, has been downgraded from “A” to “A-".
The 27 January Fitch cuts Italy's credit rating to "A-", compared to the results that the agency expects from our country: the economy will contract by 1,7% in 2012 and in 2013 it will grow by only 0,2%. In such a scenario, the agency added, it is inevitable that the banks will be subjected to "many pressures".
Read also “The rating agencies? For the markets they matter less and less” by Innocenzo Cipolletta
