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Italy economy minister says Fitch downgrade does not take account of EU, ECB decisions

FILE PHOTO: Italy's Minister of Finance Roberto Gualtieri attends a one day Italo-Franco summit in Naples, Italy February 27, 2020. REUTERS/Ciro De Luca

ROME (Reuters) - Fitch’s downgrade of Italy does not take proper account of the important economic decisions taken by the European Union and the European Central Bank, the Italian economy minister said.

Fitch cut Italy’s credit rating to ‘BBB-’ on Tuesday, saying the downgrade reflects the significant impact of the coronavirus pandemic on the country’s economy.

In a statement Roberto Gualtieri said the government was fully aware of the need to reform the economy and bring down debt, adding the country’s economic fundamentals were solid.

Reporting by Gavin Jones, writing by Stephen Jewkes