DBRS on Jan. 20 downgraded Intesa Sanpaolo SpA's A (low) senior long-term debt and deposits rating to BBB (high), with a stable trend.

At the same time, the bank's A (low) intrinsic assessment was lowered to BBB (high) and its short-term debt and deposits rating was confirmed at R-1, with a stable trend.

The change reflects DBRS' downgrade of Italy's issuer ratings on Jan. 13. Despite Intesa Sanpaolo being a leading bank in Italy with sufficient liquidity and capital, its ratings are largely correlated with the sovereign ratings, according to DBRS.