Fitch downgrades Italy's credit rating to "negative" BPB

Rome-Sana

Credit rating agency Fitch downgraded Italy's sovereign debt mark by one level from "BBB" to "BBB Negative" with a stable outlook due to the dangerous repercussions of the Covid 19 pandemic on this country.

"The downgrade reflects the major impact of the Coved 19 pandemic on Italy's economy and its sovereign financial position," the agency said in a statement reported by Farts Press today.

With this classification, Italian bonds, in Fitch's view, are only one degree away from falling into the category of high-risk debt or speculative investments.

On Friday, the Italian government approved a revised budget bill, in which it expected gross domestic product (GDP) in the third largest economy in the euro zone to fall by 8 percent this year due to the pandemic's implications.

According to the same project, the Italian public deficit will jump to the level of 10.4 percent of GDP compared to 2.2 percent that was expected before the epidemic and 1.6 percent recorded in 2019, and Italian public debt this year will rise to 155.7 percent compared to 135.2 percent that was expected before Coved 19.

Italy is the country most affected by the emerging corona virus in Europe

The whole.