Earlier in the day, S&P Global Ratings revised its outlook on its unsolicited BBB/A-2 ratings on Italy to stable from positive. The change to the outlook was mainly to reflect the "rising risks to the economy and public finances from external and domestic factors". In turn, we are now seeing pressure on Italian bonds today with yields pushing higher.
The spread between 10-year Italy and German bond yields have also widened to 248 bps. *knocks on ECB's door*