Italy’s woes vex banks as S&P downgrades 17
The potential for a deeper and longer recession in Italy than originally expected, alongside sustained higher funding costs for the country’s banks, prompted Standard & Poor’s to downgrade 17 Italian lenders by one notch on Wednesday evening.
S&P lowered by one notch the long-term counterparty credit ratings of 17 banks — including UBI Banca, Credito Emiliano, Iccrea Banca, Banca Popolare di Milano, Mediocredito and Veneto Banca.
The agency also affirmed the ratings of UniCredit and Intesa Sanpaolo, which were lowered almost two weeks ago, at BBB/A-2.
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