S&P lowers some Italian banks

Standard & Poor's said it lowered the long-term counterparty credit ratings to A from A+ and affirmed the A-1 short-term ratings on Mediobanca SpA, Findomestic Banca SpA, and Intesa Sanpaolo SpA and its core subsidiaries Banca IMI SpA, and Banca Infrastrutture Innovazione e Sviluppo SpA, and Cassa di Risparmio in Bologna SpA. S&P also said it lowered the long- and short-term counterparty credit ratings on Banca Nazionale del Lavoro SpA to A+/A-1 from AA-/A-1+.

The outlooks on these banks are negative.

S&P also said it lowered its issue ratings on the above-mentioned banks' debt and hybrid securities, where applicable, in line with its criteria.

The respective rating actions and outlook revisions follow the lowering of the unsolicited long- and short-term sovereign credit ratings on the Republic of Italy, S&P said.

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