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While S&P has slashed the Italian rating to A+ (which is now the second lowest among the Euro nations after Greece), Fitch’s new rating reads AA- for Italy as against the previous AA. Though Fitch praised Italian government’s “commitment to fiscal responsibility”, the rating agency clarifies, “The downgrade reflects the deterioration in Italy’s public finances, which has seen public debt rise since 2004 and the primary surplus diminish sharply.” Lowering of ratings surely came as a shock to Prodi and a blow to his draft budget that plans to reduce the debt level by 0.5% of the GDP in 2007 through a tax hike and cutting $43.5 billion in government
spending.

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Source : IIPM Editorial, 2006

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