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/RATINGS: After hours on Tuesday Fitch........>

ITALY: /RATINGS: After hours on Tuesday Fitch downgraded Italy to 'BBB-';
Outlook Stable in an unscheduled announcement (Jul 10 had been next exp)
- Link:
- Worth noting from the press release: "In accordance with Fitch's policies, the
issuer appealed and provided additional information to Fitch that resulted in a
rating action that is different than the original rating committee outcome."
- Is that what saved Italy from a negative outlook?
- The Ministry of Finance's public response (via Google Translate) said "The
acceleration would be justified by the ongoing deterioration of the
macroeconomic framework and public finance. However, these are effects entirely
due to an exogenous and temporary cause. The assessment of the impacts on the
growth prospects and on the creditworthiness inevitably discounts a considerable
margin of uncertainty. The other rating agencies have indeed taken a more
conservative stance." Full statement:
- Initial BTP tech support at 138.18, Apr 27 low. A break of 134.61, Apr 24 low,
is required to dampen current bullish sentiment and signal a retest of 132.61.

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