Standard & Poor's has downgraded the credit ratings of 24 Italian banks and financial institutions.
In a statement, the agency said:
''Renewed market tensions in the eurozone's periphery, particularly in Italy, and dimming growth prospects have led to further deterioration in the operating environment for Italian banks.''
It predicted the banks would have to pay more to borrow money for years. It also said that the government had to reduce its debt
The BBC reports S&P last month downgraded seven other Italian banks and the whole country.
The banks involved include: Banca Monte dei Paschi di Siena, Banco Popolare Societa Cooperativa, Banca Popolare dell'Emilia Romagna, Banca Popolare di Milano, Banca Popolare di Vicenza and Banca di Bologna.
