Moody’s cut its rating for 13 Italian banks this evening, citing the weakened borrower standing of the Italian government after its credit grade was downgraded last week.
The ratings fell by one to two notches, with Unicredit and Intesa Sanpaolo both falling to Baa2 from A3.
“Today’s actions follow the weakening of the Italian government’s credit profile,” Moody’s said in a statement.
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