Bloomberg Anywhere Remote Login Bloomberg Terminal Demo Request


Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.


Financial Products

Enterprise Products


Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000


Industry Products

Media Services

Follow Us

Bloomberg Customers

Italian Banks Slide After Fitch Downgrades Country’s Debt Rating

Italian banks including UniCredit SpA fell in Milan trading after Fitch Ratings cut the country’s credit rating and said some lenders may need extra capital.

UniCredit, Italy’s largest bank, dropped as much as 2.5 percent, and fell 8 cents at 3.87 euros at 10:35 a.m. Intesa Sanpaolo SpA, the second-biggest lender, declined 1.7 percent to 1.24 euros and Mediobanca SpA slid 3.7 percent to 4.51 euros. The FTSE Italia All-Share Banks Index dropped 2 percent.

Fitch lowered Italy’s credit rating one level to BBB+ after markets closed last week, saying inconclusive parliamentary elections in February threatened the government’s ability to respond to a recession and the European debt crisis.

“If the recession is deeper and longer than currently anticipated, the risk that the government may be required to make further injections of capital, beyond the Monte dei Paschi recapitalization, cannot be discounted,” Fitch said, referring to Banca Monte dei Paschi di Siena SpA, Italy’s third-biggest lender, which is due to receive a second government bailout.

Banks also declined after Goldman Sachs Group Inc. reduced its price estimates for the lenders. UniCredit was cut to 5.8 euros from 6.33 euros, Intesa to 1.71 euros from 1.8 euros and Monte Paschi to 0.22 euros from 0.32 euros, Goldman said in an e-mailed report today.

Intesa and UniCredit are among Italian banks due to report losses for the fourth quarter this week, as the economic contraction meant more clients failed to repay their debts.

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.