Saturday 18 November 2017

Italy's economy minister slams poor credit rating

Italian Economy Minister Fabrizio Saccomanni has criticised Standard & Poor's cut to Italy's credit rating, saying it failed to take account of recent government measures to boost growth.

The ratings agency downgraded the Mediterranean one notch on Tuesday, from BBB+ to BBB, in response to what it said were weakening economic prospects and the country's impaired financial system.

Speaking at the annual meeting of the Italian banking federation, Mr Saccomanni said ratings decisions on sovereign debt can be based on outdated information and risk creating unwanted pro-cyclical effects.

Irish Independent

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