Coronavirus-hit Italy sees its credit rating downgraded to one notch above junk
Fitch downgraded Italy's credit rating from 'BBB' to 'BBB-', just one level above its junk rating, reflecting increasing doubts around Italy's credit-worthiness as it tries to recover from the economic and societal damage inflicted by the coronavirus."the significant impact of the global COVID-19 pandemic on Italy's economy and the sovereign's fiscal position.
The ratings agency believes that Italy's debt to GDP ratio will increase by around 20 percentage points this year to 156% of GDP by at the end of 2020. Italy is one of the most indebted nations in the world after Japan and Greece. The Italian economy was already in a weak position when the COVID-19 shock hit the country hard in February, making it the epicenter of Europe's coronavirus outbreak. Real GDP grew by only 0.3% in 2019, Fitch noted, adding that the economy has effectively stagnated over the past two years.
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