Ratings agency Standard & Poor's said late Monday that it has cut its unsolicited long- and short-term sovereign credit ratings by one notch on the Republic of Italy to A/A-1 from A+/A-1+, with a negative outlook.
"The downgrade reflects our view of Italy's weakening economic growth prospects and our view that Italy's fragile governing coalition and policy differences within parliament will likely continue to limit the government's ability to respond decisively to the challenging domestic and external macroeconomic environment," S&P said.
"We think that the government's projection of 60 billion euros [$81.6 billion] of savings may not come to fruition," it said.
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