S&P downgrades 15 Italian banks

4 August 2012, 04:12 (GMT+05:00)

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Ratings agency Standard & Poor's downgraded the credit rating of 15 Italian banks late Friday, DPA reported.

"The rating actions reflect our view of increased credit risk for the Italian economy and its banks," said S&P in making the move that did not include any top-tier banks.

It said Italy could face a "deeper and more prolonged recession" than originally thought, increasing banks' vulnerability.

It also upheld the ratings of 15 other financial institutions, including UniCredit and Intesa Sanpaolo, and removed four from credit watch.

Weaker credit ratings make it more difficult and expensive for businesses and states to get fresh money on credit markets.