Moody’s downgrades Italy by three notches

Moody’s Investors Service has yesterday downgraded Italy’s government bond ratings to A2 with a negative outlook from Aa2, while affirming its short-term ratings at Prime-1, WSJ reports. The rating action concludes the review for downgrade initiated by Moody’s on 17 June, 2011.The negative outlook reflects ongoing economic and financial risks in Italy and in the…...

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