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VIEW: BNP Paribas notes that "Fitch...........>

ITALY
ITALY: VIEW: BNP Paribas notes that "Fitch unexpectedly downgraded Italy last
night, to BBB-, outlook changed to stable. The rating action came earlier than
anticipated (two months before the July rating review). Nonetheless, of the
three main rating agencies, Fitch always seemed the most vocal regarding the
impact of Covid-19 and Italy, amid weak pre-crisis fundamentals. So, the 1-notch
downgrade to BBB-, coupled with stable outlook, is good news as it means, in our
view, that the risk that Italy gets downgraded to sub-investment grade in the
coming months has actually diminished."
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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