Italy downgrade deepens contagion fears over euro debt crisis!

Tuesday, October 4, 2011

Italy downgrade deepens contagion fears over euro debt crisis!

Ratings agency Moody's slashes Italy debt rating by three points, increasing pressure on European governments trying to contain financial crisis.
Italy's sovereign debt rating has been cut for the second time in as many weeks, with ratings agency Moody's citing "sustained and non-cyclical erosion of confidence" as it slashed its forecast for the country.

In a report released after US stock markets closed on Tuesday, Moody's downgraded Italy's government bond ratings from Aa2 to A2 with a "negative outlook", suggesting further cuts could be to come. The move threatens to increase Italy's cost of borrowing, and will add yet more pressure to European finance ministers now wrestling with a financial crisis that has spread across the continent.

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