NEW YORK (CNNMoney) -- Standard & Poor's Ratings Services cut Italy's sovereign credit rating late Monday, saying the nation's weakening economic growth and political uncertainty have dented its financial stability.
"The downgrade reflects our view of Italy's weakening economic growth prospects," S&P said. "Italy's fragile governing coalition and policy differences within parliament will likely continue to limit the government's ability to respond decisively to the challenging domestic and external macroeconomic environment."
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