S&P upgrades Italy

S&P said it raised its unsolicited foreign and local currency long- and short-term sovereign credit ratings on Italy to BBB/A-2 from BBB-/A-3.

The outlook is stable.

“We are upgrading Italy because of its improved economic growth prospects, supported by rising investment and steady employment growth as well as by an expansionary monetary policy,” the agency said in a news release.

“In this context, the upgrade also reflects subsiding risks in the banking sector for the economic outlook, and expected further budgetary consolidation over our forecast horizon.”

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