Moody's downgrades 26 Italian banks

SAN FRANCISCO (MarketWatch)
Moody's Investor Services lowered the ratings for 26 Italian banks by one to four notches late Monday on the country's relapse into recession and increasingly adverse operating conditions Moody's cut UniCredit SpA's standalone credit assessment to Baa2 from Baa1, and Intesa Sanpaolo SpA.'s standalone bank financial strength rating to C- from C+
Those two banks make up one-third of Italy's banking sector alone
"The ratings for Italian banks are now amongst the lowest within advanced European countries, reflecting these banks' susceptibility to the adverse operating environments in Italy and Europe," Moody's said in a statement
Other banks with lowered ratings included Banca Monte Dei Paschi, Banco Popolare , and Unione di Banche Italiane