S&P saves only UniCredit and Intesa Sanpaolo in Italy
The American rating agency sees no turning point for Italy in 2014, where product per capita is lower than 2007.
Italy’s GDP has gone down by 9% in real terms over the last six years, with -25% for investments and product per capita hitting lower levels than in 2007, according to Standard & Poor’s.
Following the downgrading of Italy to BBB+, S&P has also slashed its long-term rating of 18 Italian banks, sparing only Intesa Sanpaolo and UniCredit.
S&P’s action on Italian banks included Ubi Banca, Credem both downgraded to BBB-; Fga Capital, Iccrea and Mediocredito, downgraded to BB+; Banca Popolare di Vicenza, Veneto Banca, Banca Popolare di Milano, Banca Popolare dell’Emilia Romagna and Banco Popolare, downgraded to BB; and Unipol Banca, which was downgraded to BB-.
S&P has instead confirmed the rating of Istituto per il Credito Sportivo, Banca Fideuram, Mediobanca, Banca Popolare dell’Alto Adige and of Istituto Centrale delle Banche Popolari Italiane.