April 21, 2017 / 8:31 PM / 8 months ago

Fitch cuts Italy's sovereign credit rating to 'BBB'

April 21 (Reuters) - Fitch Ratings on Friday cut Italy’s sovereign credit rating to ‘BBB’ from ‘BBB+', citing weak economic growth and an inability to reduce government debt.

“Italy’s persistent track record of fiscal slippage, back-loading of consolidation, weak economic growth, and resulting failure to bring down the very high level of general government debt has left it more exposed to potential adverse shocks,” Fitch said in a statement. (Reporting by Pallavi Dewan in Bengaluru)

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