S&P cut the ratings of 34 Italian banks on Friday, due to concerns about expected lower...

|By:, SA News Editor

S&P cut the ratings of 34 Italian banks on Friday, due to concerns about expected lower profits and the banks' ability to roll over their wholesale debt. The downgrades, which include UniCredit (UNCFF.PK) and Intesa Sanpaolo (ISNPY.PK), follow S&P's cutting of Italy's sovereign rating last month to BBB+.