Italy’s credit rating was cut by Moody’s Investors Service for the first time in almost two decades to A2 from Aa2, with a negative outlook. The action comes after Standard & Poor’s downgraded Italy on Sept. 20 for the first time in five years. European countries with ratings below the top Aaa level may see reductions.
Italy joined Spain, Ireland, Portugal, Cyprus and Greece as euro-region countries whose credit rating has been cut this year. The reasons for the downgrade include increased funding risks for euro area sovereigns in general with high levels of public debt.
Italy joined Spain, Ireland, Portugal, Cyprus and Greece as euro-region countries whose credit rating has been cut this year. The reasons for the downgrade include increased funding risks for euro area sovereigns in general with high levels of public debt.
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