Institute for Research in Economic and Fiscal issues

IREF Europe - Institute for Research in Economic and Fiscal issues

Fiscal competition
and economic freedom


IREF - Institute for Research in Economic and Fiscal issues
Fiscal competition and economic freedom
https://en.irefeurope.org/628

Standard & Poor’s has cut Italy’s credit rating

The eurozone’s third-largest economy is being sucked deeper into the sovereign debt crisis, since one of the major credit rating agencies downgraded yesterday its credit rating. S&P downgraded Italy to "A/A-1" from a "A+/A-1+" grade because of "Italy’s weakening economic growth prospects", with a negative outlook, meaning further downgrades are possible. The move – S&P’s first downgrade of Italy since 2006 – places S&P’s rating on Italy three notches below that of Moody’s, the rating agency that many had expected to cut first.

Moody’s on Friday said it was extending its review of Italy’s finances.

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