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Italy government bonds downgraded by Moody's
Italy government bond rating downgraded by Moody's on concerns over debt, weak economy
By The Associated Press

Moody's Investors Service has downgraded Italy's government bond ratings to "A2" with a negative outlook from "Aa2," the result of high debt, a weak global economy and political uncertainties that delay corrective action.

While the change moves the rating down three notches, it's still investment grade. Moody's affirmed the short-term ratings at Prime-1.

The action follows the Sept. 19 one-notch downgrade by Standard & Poor's Ratings Services, which cut Italy's long- and short-term sovereign credit ratings to "A/A-1" from "A+/A-1+." That rating is still five steps above junk status. S&P analysts cited weakening economic growth for the nation and higher-than-expected levels of government debt.



The European Central Bank had demanded stiff austerity measures but doubts persist about how serious Italy is about coming to grips with its debt.


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