Moody's downgraded 13 Italian financial institutions on Monday including some of the country's largest banks Intesa Sanpaolo and Unicredit with a negative outlook.
The downgrades by one notch of seven institutions and two notches for the remaining six follows a double-downgrade of the country's sovereign debt rating to Baa2 on Friday, two levels above junk status.
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"Today's actions follow the weakening of the Italian government's credit profile, as captured by Moody's downgrade of Italy's government bond rating to Baa2 from A3, with a negative outlook," Moody's said in a statement.
Long-term deposit and debt ratings at Intesa Sanpaolo and Unicredit were cut to Baa2 from A3 in line with the country's sovereign rating, with a negative outlook on all ratings.