Italian Consumer Groups to Sue S&P After Italian Downgrade
This article is for subscribers only.
Two Italian consumer groups said they will sue Standard & Poor’s after it lowered the nation’s creditworthiness, the latest challenge to the rating companies amid a mounting public backlash.
S&P cut Italy’s credit rating last night to A from A+, with a negative outlook, on concern that weakening economic growth and a “fragile” government mean that the nation won’t be able to reduce the euro-region’s second-largest debt burden. S&P last downgraded Italy in 2006.