"Italy is likely already in recession and the downturn in activity across the euro zone has rendered the task of the new government much more difficult," Fthe ratings agency said in a statement. Fitch, which downgraded Italy to A+ from AA- with a negative outlook last month, warned it would cut the country's ratings to the low investment grade category if it were unable to borrow at sustainable rates on the markets. "Sustaining political and public support for structural reforms and austerity will be challenging in the face of rising unemployment. Convincing investors that the reforms will be effectively ... (full story)