May 8, 2020 / 8:20 PM / 24 days ago

DBRS Morningstar downgrades Italy's trend to negative

May 8 (Reuters) - Credit ratings agency DBRS Morningstar cut Italy’s trend to ‘negative’ from ‘stable’ on Friday, blaming considerable uncertainty over the economic repurcussions stemming from the COVID-19 outbreak.

“The unprecedented economic shock is prompting an extraordinary level of government support to mitigate the adverse economic impact, but this comes at a cost to the government’s financial balance sheet,” DBRS said in a statement.

The agency maintained Italy’s sovereign debt rating at BBB(high). (Reporting by Aditi Sebastian in Bengaluru and Gavin Jones in Rome; Editing by Shailesh Kuber)

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