Moody's cuts Italy banks, companies ratings

MILAN: Moody's cut the credit ratings of a string of Italian banks on Monday, bringing the country's top lenders in line with a downgrade to Italy's sovereign rating last week, as well as lowering ratings for companies and local government authorities.

Two of Italy's largest banks including Intesa SanPaolo and Unicredit were downgraded to Baa2 from A3 with a negative outlook, matchi ng the country's sovereign rating lowered on Friday to two notches above junk status.