Domenica, 23 Settembre 2018
ROME

S&P lowers credit ratings on 18 Italian Banks

English
© ANSA

Rome, July 24 - Standard & Poor's cut the long-term
credit rating of 17 Italian banks by one notch on Wednesday due
to the lingering recession, but did not include two of the
country's largest lenders in its announcement.
Another lender, Agos Ducato, was downgraded two notches
from BB+ to BB-.
Intesa Sanpaolo and UniCredit were not included in the
downgrade by the agency, which earlier this month downgraded
Italy's sovereign rating to BBB from BBB+ with a negative
outlook.
Both moves will likely increase borrowing costs for the
banks involved as well as the government.
Standard & Poor's said its concerns stem from the negative
outlook for the Italian economy.
"In our opinion, Italian banks have to operate in a
situation with increasing risks to the economy, which leaves
them more vulnerable to a longer and deeper recession...than
previously expected," said the rating agency in a statement
Already in recession, Italy's gross domestic product (GDP)
will contract by 1.9% in 2013, said the agency.
This means GDP will have dropped by fully 9% in real terms
from 2007 levels by the end of this year, S&P said, adding that
it did not expect to see "this trend reverse significantly in
2014".

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