reduced their credit rating for UniCredit, and have also included
Locat, the bank’s leasing arm in Italy, in their new
assessment.
Standard & Poor’s changed their outlook from stable to
negative for both the parent company and its Italian subsidiaries,
including Locat.
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The credit rating agency said its decision was made after the
Italian bank announced a “downward revision of earning
expectation”, but has confirmed long-term and short-term ratings
(“A+” and “A-1”).
Moody’s downgraded UniCredit from Aa3 to Aa2, and kept the
negative outlook which it assigned in May because of the bank’s
weak capitalisation. But the rating agency added that UniCredit
continued to hold a “strong position” in the Italian market.
Moody’s downgraded Locat to A1.
The news came amidst a general drop in the Italian benchmark
S&P/Mib of over 9 percent on Monday, its lowest level since the
index was established in 2004. On the same day, the FTSE100 in
London suffered its biggest percentage fall since Black Monday in
1987.
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