December 23, 2016 / 5:01 PM / 8 months ago

S&P sees no immediate rating impact from Italy's bank bailout plan

MILAN, Dec 23 (Reuters) - Credit rating agency Standard & Poor's said it saw no immediate impact on banks' ratings from Italy's move to set up a 20 billion euro ($21 billion) fund to help struggling lenders, starting with a bailout of Monte dei Paschi di Siena.

"While the fund alleviates the problem for some weak banks, it underlines their fragile situation and lack of market access," the agency said.

"We will monitor the implementation of the fund and assess the possibility of incorporating short-term support to our ratings on banks that benefit from it," it added. ($1 = 0.9573 euros) (Reporting by Valentina Za)

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