Fitch downgraded Italy

  • Outlook stable
  • Sees Italy GDP up 0.9%
  • Sees general government debt to GDP falling to 129.3% in 2020
  • Sees debt peaking at 132.7% of GDP in 2017

Here's what Fitch had to say.

"Italy's persistent track record of fiscal slippage, back-loading of consolidation, weak economic growth, and resulting failure to bring down the very high level of general government debt has left it more exposed to potential adverse shocks. This is compounded by an increase in political risk, and ongoing weakness in the banking sector which has required planned public intervention in three banks since December."