Economics
Italy Escapes a Second Rating Downgrade a Week After Moody’s
- S&P expresses concerns about the government’s budget plans
- EU has rejected the nation’s budget in an uprecedented step
Photographer: Alessia Pierdomenico/Bloomberg
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Italy avoided a second rating downgrade in a week as S&P Global Ratings decided only to lower its outlook on the nation’s creditworthiness amid market unease.
The move, while less drastic than had been expected, still leaves the country at risk of a rating cut. The BBB grade, two levels above junk, now has a “negative” outlook, S&P said in a statement on Friday.