S&P Italy rating cut backward looking-Italy Treasury source

ROME, July 9 Tue Jul 9, 2013 2:07pm EDT

ROME, July 9 (Reuters) - Standard & Poor's decision to cut its credit rating on Italy to BBB from BBB-plus reflected a backward looking view of the country's position and did not take account of recent measures to boost growth, a source at the Treasury said on Tuesday.

"Overall the reasoning isn't justifiable," the source, who spoke on condition of anonymity, told Reuters. "They emphasize low growth and competitiveness but they don't take account of the government action that has been taken."

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