Milan

S&P downgrades 17 Italian banks

Move follows downgrade of Italy's sovereign rating

S&P downgrades 17 Italian banks

Milan, July 24 - Standard & Poor's said Monday that it was cutting the long-term credit rating of 17 Italian banks. Italy's two biggest lenders, Intesa Sanpaolo and UniCredit, were not among them. The move comes after the agency downgraded Italy's sovereign rating down to BBB from BBB+ with a negative outlook earlier this month.

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