Italian banks' ratings downgraded
The credit ratings agency said that Italy's recession will be potentially deeper and more prolonged than previously thought.
UniCredit SpA and Intesa Sanpaolo SpA were two of the banks downgraded by S&P, while Banca Carige SpA, Banca Popolare dell'Alto Adige and Unione di Banche Italiane, among others, also saw their ratings reduced.
S&P lowered its rating on 34 banks in February, citing the country's financial vulnerability and expectations of lower earnings.
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