Standard & Poor’s put several large European banks on CreditWatch negative yesterday (Wednesday) because of a review for downgrade of euro-zone sovereigns announced on Monday. The rating agency said that more negative actions are to come.

“We believe that the ratings on Austria, Belgium, Finland, Germany, the Netherlands, and Luxembourg could be lowered by up to one notch, if at all, and those on Estonia, France, Ireland, Italy, Malta, Portugal, Slovak Republic, Slovenia, and Spain by up to two notches, if at all,” said S&P.

Covered bond issuers and related entities put on CreditWatch negative in yesterday’s actions include: BNP Paribas (AA-), BPCE (A+), Crédit Foncier de France (A), Crédit Agricole (A+), Deutsche Bank (A+), Deutsche Postbank (A), Eurohypo (A-), Eurohypo Luxembourg (A-), Intesa Sanpaolo (A), Société Générale (A+), UniCredit SpA (A), UniCredit Bank Austria AG (A), and UniCredit Bank AG (A).

S&P said that it intends to conclude the reviews soon after resolving those of the related sovereigns.