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Egan-Jones Cuts Italy’s Rating on Growth Outlook, Record Yields

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Nov. 28 (Bloomberg) -- 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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