September 27, 2013 / 12:44 PM / 6 years ago

Italy Treasury denies market talk of looming downgrade

MILAN, Sept 27 (Reuters) - Italy’s Treasury dismissed market talk of an imminent sovereign downgrade on Friday, saying it had received no forewarning from ratings agencys as is customary before such a move.

“Until now we’ve heard nothing, so...” debt management head Maria Cannata said when asked about a 24-hour notice period that ratings agencies normally give a country before announcing a change. She was speaking to reporters on the sidelines of an event at Bocconi University.

Italian bonds are under pressure due to rising political tensions in the country’s fragile coalition government, but traders also cited rumours of a sovereign downgrade they said could come as early as after market close on Friday a cause for the the selling.

Reporting by Giulio Piovaccari and Elvira Pollina, writing by Valentina Za, editing by Naomi O'Leary

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