S&P downgrades Italy's rating
Ratings agency Standars and Poor's has downgraded Italy's debt rating, reflecting the troubled country's weakening economic growth prospects.
Ratings agency Standars and Poor's has downgraded Italy's rating, reflecting the troubled country's weakening prospects for economic growth.
S&P's move to lower its unsolicited ratings on Italy to A/A-1 from A+/A-1+ and keep its outlook on negative, was unexpected and sent the euro lower against the greenback.
"We believe the reduced pace of Italy's economic activity to date will make the government's revised fiscal targets difficult to achieve," S&P's said in a statement.
"Furthermore, what we view as the Italian government's tentative policy response to recent market pressures suggests continuing future political uncertainty about the means of addressing Italy's economic challenges," it said.
NBR staff
Tue, 20 Sep 2011
Tue, 20 Sep 2011
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S&P downgrades Italy's rating
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