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Moody's affirms Italy ratings, changes outlook (to negative from stable)
Moody's changes outlook on Italy's BAA2 issuer rating to negative; affirms rating (I'm guessing BAA2 is some sort of new, improved sheep? Yes, no?) Headlines via Reuters: • Expects that Italy's debt burden will increase next year • Subdued growth outlook leaves little scope for any material reduction in Italy's very high debt burden over coming years • Italy's growth remains subdued and its growth prospects poor, and longer-term challenges to the government's fiscal strength persist • Popular rejection of constitutional reform in referendum poses threat to the achievement of reforms implemented to date • ... (full story)