Arab Today, arab today standard and poor\s downgrades italy debt rating
Last Updated : GMT 21:34:07
Arab Today, arab today
Arab Today, arab today

Standard and Poor\'s downgrades Italy debt rating

Arab Today, arab today

Arab Today, arab today Standard and Poor\'s downgrades Italy debt rating

Washington - AFP

Standard & Poor\'s on Monday downgraded Italy\'s sovereign debt rating, citing economic, fiscal and political weaknesses in the eurozone\'s third-largest economy.The rating agency said it had downgraded Italian debt to \"A/A-1\" from a \"A+/A-1+\" grade because of \"Italy\'s weakening economic growth prospects.\" It added that Italy\'s weak governing coalition would \"limit the government\'s ability to respond decisively\" to events. \"We believe the reduced pace of Italy\'s economic activity to date will make the government\'s revised fiscal targets difficult to achieve,\" S&P said in a statement. Low labor participation rates, an inefficient public sector and modest foreign investment flows were cited as key drags on growth. \"In our view, the authorities remain reluctant to tackle these issues,\" the agency said. S&P\'s rival rating agency Moody\'s has already indicated it is weighing its rating for Italy, which is currently at Aa2, two notches below Moody\'s top triple-A rating. Italy has tried to reassure investors by announcing a new austerity package which should see the country balance its budget by 2013.

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