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S&P leaves Italy rating unchanged amid gloomy business forecasts
Standard & Poor's ratings agency on Friday left its rating on Italy's sovereign debt unchanged at BBB, a notch above junk, amid gloomy forecasts by the country's leading business lobby, which represents Italy's industrial power base. Standard & Poor's pointed out that its outlook remains negative, because the government has not implemented needed reforms amid shaky global markets. Back in October, Standard & Poor's left Italy a notch above the dreaded junk rating at BBB, in line with Fitch and DBRS and one step above Moody's ratings agency. The latter in October downgraded Italy's creditworthiness to BAA3 from BAA2, ... (full story)