Fitch cuts Italy's credit rating due to large national debt

Baku. 22 April. REPORT.AZ/ American rating agency Fitch cut Italy's sovereign credit rating to 'BBB' from 'BBB+', Report informs referring to TASS.

The outlook for the rating is now stable, agency says.

Rating cut stipulated by assessment of political situation in the country compounded with high level of general government debt. "Risks of weak or unstable government have increased," newspaper Messagero writes agency’s conclusions.

Moreover, Italy failed to bring down the very high level of general government debt, which “has left it more exposed to potential adverse shocks," Fitch added.

Fitch said its outlook for Italy's banking sector was negative. The ratings agency forecast Italy's economy will grow by 0.9 percent in 2017, the same pace as last year, and by 1.0 percent in 2018.