Standard & Poor's cuts credit ratings on Italy's biggest banks

MILAN, July 12 Fri Jul 12, 2013 1:29pm EDT

Related Topics

MILAN, July 12 (Reuters) - Rating agency Standard & Poor's cut its rating on Unicredit and Intesa Sanpaolo , the two biggest banks in Italy, following a sovereign downgrade.

Ratings for Unicredit SpA, the parent company of Unicredit, and the long-term rating of Intesa Sanpaolo, were reduced to 'BBB' from 'BBB+', the two lenders said on Friday.

In a separate press release, Standard and Poor's said it also downgraded Mediobanca and put on creditwatch with negative implications 23 Italian lenders including Mediobanca, Banca Popolare Milano, Popolare Emilia, Banco Popolare, Credito Emiliano and Ubi Banca. (Reporting by Francesca Landini, editing by Jennifer Clark)

FILED UNDER:
A couple walks along the rough surf during sunset at Oahu's North Shore, December 26, 2013. REUTERS/Kevin Lamarque

Find your dream retirement town

Florida? Hawaii? Reuters has teamed up with Zillow to give you the power to customize a list of your best places to retire.  Video | Full Article