S&P downgraded Italian debt
S&P lowered Italian credit rating from ВВВ+ to ВВВ citing continued weakness of the Italian economy as the reason for the downgrade. The forecast for the rating is negative.
The agency expects the nation’s GDP to contract by 1.9% this year. Italy, the euro zone’s third largest economy, has been in recession since the middle of 2011. Italian unemployment rate exceeds 12%.