Dec 5, 2014 1:54 PM
S&P cuts Italy's credit rating citing weak economy
The Associated Press
Standard & Poor's has lowered Italy's credit rating one notch, saying it expects much slower economic growth than official forecasts.
The New York-based agency on Friday cut its rating on Italy's debt to "BBB-." That's its lowest investment-grade rating and one notch above "junk" status.
S&P said it expects the Italian economy will emerge from recession early next year. But the agency predicts Italy's economy will grow only 0.2 percent in 2015, far slower than Italian government forecasts ranging from 0.7 percent to 1.9 percent growth.