Home Fitch Fitch cuts the rating of Italy to BBB-, stable outlook

Fitch cuts the rating of Italy to BBB-, stable outlook

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The rating agency Fitch cut Italy's debt rating to BBB- from BBB, with a positive outlook. “The downgrade reflects the significant impact of coronavirus on the Italian economy and on the budgetary position”, explained the rating agency in a note, forecasting a contraction of the GDP of 8% in 2020, with a debt / GDP ratio at 156%. The stable outlook reflects the idea that the ECB's purchases will facilitate Italy's response to the pandemic and ease the refinancing risks. “Other agencies have been more cautious, Italy's economic foundations are solid,” said Economy Minister Gualtieri in a statement.
Exceptional advance judgment
The agency also points out that the next rating review date for Italy was scheduled for 10 July 2020 but of having believed that “developments in the country entailed a change compared to on the scheduled date.  » Read More

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