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Fitch Spares Italy From Downgrade Amid Fresh Political Crisis

  • Rating agency forecasts Italy GDP growth of 0.1% in 2019
  • Prime Minister Conte is preparing to face no-confidence motion
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Photographer: Alessia Pierdomenico/Bloomberg

Fitch Ratings affirmed Italy’s credit rating Friday, giving the country a respite as it plunges into a new phase of political instability and probably early elections.

The agency kept the country’s rating unchanged at BBB, and maintained its negative outlook, which indicates that a downgrade is still possible. That’s good news for Prime Minister Giuseppe Conte as he prepares to face a no-confidence motion in Parliament by the dominant coalition member Matteo Salvini.