October 4, 2011 / 9:24 PM / 8 years ago

Berlusconi says Moody's downgrade was expected

Italy's Prime Minister Silvio Berlusconi attends during a debate at the lower house of parliament in Rome in Rome September 22, 2011. REUTERS/Alessandro Bianchi

ROME (Reuters) - Italy’s Prime Minister Silvio Berlusconi said Tuesday that Moody’s decision to cut Italy’s bond ratings by three notches was expected and reiterated that the government was committed to its budget goals.

“Moody’s choice was expected,” Berlusconi said in a statement shortly after the ratings agency downgraded Italy’s ratings to A2 with a negative outlook from Aa2.

“The Italian government is working with the maximum commitment to achieve its budget objectives,” he said adding that its plans, including a target to balance the budget by 2013, had been welcomed and approved by the European Commission.

Reporting By Catherine Hornby

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