Italy is downgraded by Moody's

Italy’s bond rating was cut and its negative outlook reiterated by Moody’s as the euro area’s third-biggest economy faces higher funding costs, slower growth, and contagion risk.

13th July, 2012
Italy is downgraded by Moody's
“Italy’s near-term economic outlook has deteriorated," said Moody's.

Italy’s bond rating was cut and its negative outlook reiterated by Moody’s Investors Service as the euro area’s third-biggest economy faces higher funding costs, slower growth, and contagion risk from Greece and Spain.

The ratings company lowered Italy’s government bond rating by two steps to Baa2 from A3 and said further downgrading is possible, according to a statement released in Frankfurt today. That’s two levels above junk and one...

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