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Fitch changes outlooks on ratings of 5 Italian banks

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Fitch changes outlooks on ratings of 5 Italian banks

Fitch Ratings on Sept. 5 changed the outlooks on the long-term issuer default ratings of five Italian banks to negative from stable, following a similar action on the sovereign.

The banks are UniCredit SpA, Intesa Sanpaolo SpA, Mediobanca - Banca di Credito Finanziario SpA, Credito Emiliano SpA and BNP Paribas SA unit BNL.

Fitch affirmed the BBB long-term issuer default ratings of UniCredit, Intesa Sanpaolo, Mediobanca and Credem, their F2 short-term issuer default ratings, "bbb" viability ratings, 5 support ratings and No Floor support rating floor. Also affirmed were BNL's BBB+ long-term issuer default rating, F2 short-term issuer default rating and 2 support rating.

Fitch also affirmed Intesa unit Banca IMI SpA's BBB long-term issuer default rating and revised the outlook to negative from stable. The agency also affirmed the bank's F2 short-term issuer default rating, 2 support rating and BBB(dcr) derivative counterparty rating.