Egan-Jones Cuts Italy’s Rating on Growth Outlook, Record Yields
By Lukanyo Mnyanda -
2011-11-28T15:40:58Z
Italy’s credit rating was cut to BB from BB+ by Egan-Jones Ratings Co. as the euro-region’s third- largest economy struggles to manage its debt amid record borrowing costs and a slowing economy.
The additional yield investors receive for holding Italian 10-year bonds instead of benchmark German bunds jumped to a euro-era record 5.75 percentage points on Nov. 9 and was at 4.85 percentage points at 3:34 p.m. London time. Italy’s 10-year yield was at 7.18 percent after surging to as much as 7.48 percent earlier this month.
To contact the reporter on this story: Lukanyo Mnyanda in Edinburgh at lmnyanda@bloomberg.net
To contact the editor responsible for this story: Daniel Tilles at dtilles@bloomberg.net
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