Italy rating cut close to junk

 
Tim Wallace
Follow Tim
ITALY’S government debt was downgraded yesterday by agency Standard and Poor’s, which warned the state faces a gloomy future of low growth and high debt.

It cut the government’s rating by one notch to triple-B, meaning it just holds on to its investment grade rating.

However, the agency left the country on negative ratings watch, meaning there is at least a one in three chance of a downgrade to junk status in the next year.