Standard and Poor's on Friday lowered the credit rating of 34 Italian banks in a move that follows the agency's two-notch downgrade of Italy on January 13. Italy's biggest financial institutions were hit including UniCredit, Intesa Sanpaolo, Banca Nazionale del Lavoro and Mediobanca. In January, Standard and Poor's downgraded Italy's credit rating by two notches to BBB+ from A.
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