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UniCredit, Other Italian Banks’ Ratings Are Downgraded by S&P

By Vivek Shankar - 2012-02-10T18:36:52Z

S&P Downgrades 34 of 37 Italian Banks It Rates

Alessia Pierdomenico/Bloomberg

The UniCredit SpA logo sits on the roof of the company's headquarters in Rome.

The UniCredit SpA logo sits on the roof of the company's headquarters in Rome. Photographer: Alessia Pierdomenico/Bloomberg

UniCredit SpA (UCG), Italy’s biggest bank, had its ratings lowered to BBB+/A-2 from A/A-1 by Standard & Poor’s Ratings Services, following last month’s sovereign downgrade. The outlook is negative.

Intesa Sanpaolo SpA and Banca Monte dei Paschi di Siena SpA (BMPS), the second- and third-largest banks, were also downgraded as S&P revised of the banking industry country risk assessment, or BICRA, to group 4 from group 3. S&P downgraded 34 of the 37 Italian banks it rates.

To contact the editor responsible for this story: Vivek Shankar at vshankar3@bloomberg.net