- Maintains negative outlook.
- Downgrades rating to Baa2 from A3.
- Italy more likely to experience a further sharp increase in it’s funding cost or the loss of market access than at the time five months ago during our rating period .
- Near-term economic outlook has deteriorated.
- Could be downgraded further in the event there is additional material deterioration in the country’s prospects or difficulties in implementing reform.
- Moody’s lowered the maximum rating that can be assigned to a domestic issuer in Italy , including structured finance securities backed by Italian receivables, to A2 from AAA.
Have they gotten to Greece and Spain yet ?
Euro just a tad softer at 1.2190.
