Standard & Poor's has downgraded Italy's credit rating by one notch, saying it sees weakening economic growth prospects for the European nation and higher-than-expected levels of government debt.
Late Monday in New York, the ratings firm cut Italy's long- and short-term sovereign credit ratings to ``A/A-1'' from "A+/A-1+." The rating is still five steps above junk status.
From: http://ping.fm/lVJzt
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