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July 12, 2013 AT 3:35 PM
Rating agency Standard & Poor's cut its credit ratings on the two biggest Italian banks, UniCredit and Intesa Sanpaolo , as well as that of insurer Generali , following its downgrade of Italy's sovereign rating. Ratings for UniCredit and the long-term rating of Intesa Sanpaolo were lowered to 'BBB' from 'BBB+', and Generali's rating was reduced to 'A-' from 'A'