S&P downgrades Italy.
- S&P lowers long and short-term sovereign ratings on Italy
- New BBB rating has a stable outlook
- “Expect Italian economy to exit recession in early 2015″
- Forecast 0.2% GDP growth in 2015
- Downgrade reflects “recurrent weaknesses in its real and nominal GDP performance, including eroded competitiveness”
Ouch. The review from S&P was scheduled so it’s not a huge shock. In June, however, S&P affirmed the outlook but retained a negative outlook.
Tough day for Italy
