Standard & Poor's downgraded the credit ratings of 34 Italian banks after lowering the country's credit just a month earlier.

S&P said Italy's banking system was moved from "Group 4" to "Group 3" based on its Banking Industry Country Risk Assessment. There are 10 groups, with a lower group corresponding with higher credit risk.  

"In our view, Italy's vulnerability to external financing risks has increased, given its high external public debt, resulting in Italian banks' significant ability to roll over their wholesale debt," S&P said in a statement.

Standard & Poor's provided the following list of 33 of the 34 Italians banks that were downgraded and their current ranking:

From A to BBB+

Banca IMI SpA

Banca Infrastructure Innovazione e Sviluppo SpA

Banca Nazionale del Lavoro SpA

Cass di Risparmio di Parma e Piacenza SpA

Intesa Sanpaolo SpA

Istituto per il Credio Sportivo

Mediobanca SpA

UniCredit Leasing SpA

UniCredit SpA

From A- to BBB+

Banca Fideuram

Unione di Banche Italiane Scpa

From BBB+ to BBB

Agos-Ducato SpA

Banca Monte dei Paschi di Siena SpA

Banca Mediocredito del Friuli-Venezia Giulia SpA

Banca Popolare dell' Alto Adige

Banca Popolare dell'Emilia Romagna S.C.

Credito Emiliano SpA

Iccrea Banca SpA

Iccrea BancaImpresa SpA

Iccrea Holding SpA

From BBB to BBB-

Banca Aletti & C. SpA

Banco Popolare Societa Cooperativa SCRL

Banca Popolare di Vicenza ScpA

Banca Popolare di Milano SCRL

Banca Akros SpA

Banca Cariage SpA

Credito Bergamasco

Eurofidil Scpa

Veneto Banca SCPA

From BB+ to BB

Cadda di Risparmio di Cento SpA

Unipol Banca SpA

From BB+ to BB-

Cassa di Risparmio della Provincia di Teramo SpA

Dexia Crediop SpA

(Source: Standard & Poor's)