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S&P Cuts Italy Two Levels on Rise in Costs of Financing Debt

Italy’s credit rating was cut two levels by Standard & Poor’s, which said the inability of European leaders to contain the region’s debt crisis would complicate the country’s efforts to finance the area’s second-biggest debt.

S&P cut Italy to BBB+ from an A rating, the second downgrade by the rating company since September 19, according to an e-mailed statement yesterday. S&P, which cut eight other euro-region nations including top rated France and Austria, left its outlook on Italy negative.