S&P Bank Downgrade: List of Italian Financial Institutions Affected

Standard & Poor's downgraded the credit ratings of 34 Italian banks after lowering the country's credit just a month earlier.

S&P said Italy's banking system was moved from "Group 4" to "Group 3" based on its Banking Industry Country Risk Assessment. There are 10 groups, with a lower group corresponding with higher credit risk.

"In our view, Italy's vulnerability to external financing risks has increased, given its high external public debt, resulting in Italian banks' significant ability to roll over their wholesale debt," S&P said in a statement.

Standard & Poor's provided the following list of 33 of the 34 Italians banks that were downgraded and their current ranking:

From A to BBB+

Banca IMI SpA

Banca Infrastructure Innovazione e Sviluppo SpA

Banca Nazionale del Lavoro SpA

Cass di Risparmio di Parma e Piacenza SpA

Intesa Sanpaolo SpA

Istituto per il Credio Sportivo

Mediobanca SpA

UniCredit Leasing SpA

UniCredit SpA

From A- to BBB+