There was some speculation that they would cut the rating
S&P has affirmed Italy’s rating at BBB. They continue to keep the outlook negative.
- could lower ratings if government debt to GDP fails to shift onto clearly discernible downward path over the next 3 years
- could lower ratings if there is market deterioration in borrowing conditions that jeopardizes public finance sustainability
- projected that Italian gross general government debt will increase to 153% of GDP by end of 2020
- forecasts Italy average unemployment rate will rise to 11.2% this year
They also kept Greece at BB- but moved outlook to stable from positive.