July 12, 2013 / 5:31 PM / 5 years ago

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

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)

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