Fitch has downgraded Italy’s credit rating to a single notch above “junk”, saying the jump in debt levels resulting from the coronavirus crisis will increase doubts about the sustainability of Rome’s borrowings.
In an unscheduled update on Italy’s creditworthiness, the rating agency said it expects the country’s ratio of debt to gross domestic product to rise by around 20 percentage points this year to 156 per cent, as a surge in spending combines with an 8 per cent contraction in the economy.
“The downgrade reflects the significant impact of the global Covid-19 pandemic on Italy's economy and the sovereign's fiscal position,” Fitch said in a statement on Tuesday evening as it moved the country’s rating to BBB-.
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