Moody's Investors Service has downgraded the debt ratings of 26 Italian banks, including Unicredit and Intesa Sanpaolo.

The credit ratings agency said Monday that ratings for Italian banks are among the lowest in advanced European countries. It said this is a reflection of those banks' susceptibility to the "adverse operating environments" in Italy and throughout Europe.

Moody’s expressed concern that Italian banks could face further blows from Italy’s economic slowdown at a time when they are already suffering difficulties in collecting loans and in terms of profitability.

In particular, Moody’s said investors’ jitters over whether the Italian government will be able to continuously handle debts are being cited as banks’ risks.