DBRS Downgrades Long-Term Ratings On Italy's Debt
ROME (dpa-AFX) - Canadian rating agency DBRS announced Friday it has downgraded its long-term ratings on Italy's debt after its failed constitutional referendum last month.
DBRS downgraded Italy's Long-Term Foreign Currency - Issuer Rating and Long-Term Local Currency - Issuer Rating to BBB (high) with a Stable trend from A (low).
At the same time, DBRS confirmed the country's Short-Term Foreign Currency - Issuer Rating and Short-Term Local Currency - Issuer Rating at R-1 (low) with a Stable Trend.
DBRS said the rating action reflects a combination of factors, including uncertainty over the political ability to sustain the structural reform effort and the continuing weakness in the banking system.
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