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ITALY: /RATINGS: Commerzbank note that "Fitch's ad-hoc downgrade of Italy to
BBB-/stable on April 28 still resonates and a negative downgrade cannot be
excluded for today's review, also considering that the agency has been by far
the most aggressive since the start of the crisis. Overall, we expect Fitch to
wait until the upcoming draft budgets and the debt reduction plan promised by
FinMin Gualtieri this week have been outlined, and the scope of EU support is
clarified. We therefore expect no action today. Fitch might also simply skip
today's review date as the ad-hoc downgrade leaves it 1 review ahead of