Arab Today, arab today fitch downgrades italy\s rating to bbb after election deadlock
Last Updated : GMT 02:18:28
Arab Today, arab today
Arab Today, arab today

Fitch downgrades Italy\'s rating to BBB+ after election deadlock

Arab Today, arab today

Arab Today, arab today Fitch downgrades Italy\'s rating to BBB+ after election deadlock

Rome - SPA

Fitch, one of the world\'s top-three credit rating agencies, said Friday it had downgraded Italy from \'A-\' to \'BBB+\' because of political instability and a worse-than-expected economic outlook, dpa reported. At BBB+, Italian sovereign debt still qualifies as \'investment grade,\' according to Fitch\'s credit rating scale. In a statement, it explained its decision by stating that Italy was less likely to adopt much-needed economic reforms following \'inconclusive\' general elections last week, in which the centre-left prevailed but failed to secure a parliamentary majority. Fitch noted also \'the risk of a more protracted and deeper recession than previously expected,\' predicting that gross domestic product (GDP) would shrink by 1.8 per cent this year, far more than the 1-per-cent fall forecast by the European Union last month.

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Arab Today, arab today fitch downgrades italy\s rating to bbb after election deadlock Arab Today, arab today fitch downgrades italy\s rating to bbb after election deadlock

 



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