S&P Strikes Again; Downgrades 34 Italian Banks

S&P Downgrades 34 Italian Banks

S&P has struck again on a Friday and downgraded their ratings of 34 Italian banks.

S&P says the downgrades follow the lowering of their long- and short-term sovereign credit ratings on the Republic of Italy

Among the downgrades are UniCredit, Intesa Sanpaolo SpA, and Banca Popolare di Milano all of which were downgraded to BBB+ from A with negative outlook.

Stocks have moved back toward the lows of the day on the news.

 

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