Egan-Jones downgrades Italy, sees 22% default risk

SAN FRANCISCO (MarketWatch)
Egan-Jones Ratings Co. downgraded Italy to CCC+ from B+ Wednesday and said the country has a one-year default probability of 22%
The ratings agency said Italy and its regional governments need to roll over about 183 billion euros (or $222 billion) in debt in 2012 and about 214 billion euros (or $260 billion) next year in the face of high borrowing costs
"Future intervention by the ECB and IMF will provide some liquidity but might subordinate existing creditors," the ratings agency said
"Italy cannot support all of its debt if the EU economy falters."