/RATINGS/BTPS: Commerzbank: BTPs Should Be Relived On The Back Of Fitch’s Affirmation

Commerzbank suggest that “BTPs should be relieved by Fitch's rating affirmation, although the recent spread tightening suggests that adverse rating action was seen as remote.”

• “This also takes further steam out of downgrade jitters from the upcoming potential Moody's review on Friday.”
• “Moody's is already more negative with a borderline IG rating and a negative outlook since August 2022 after the fall of the Draghi government.”
• “We expect the rating agencies to give €-sovereigns the benefit of the doubt in the absence of domestic political shocks, and we do not expect BTPs to lose their IG rating in the foreseeable future.”