Moody's Investors Service has today downgraded the Government of Italy's local and foreign-currency issuer ratings to Baa3 from Baa2. The outlook on the rating has been changed to stable. This concludes the review initiated on 25 May. Moody's also downgraded to Baa3 from Baa2 the local and foreign-currency senior unsecured bond ratings. The foreign-currency senior unsecured shelf and MTN ratings were downgraded to (P)Baa3 from (P)Baa2. Italy's local-currency commercial paper rating and foreign-currency other short-term rating were downgraded to P-3/(P)P-3 from P-2/(P)P-2. The rating outlook is stable. The key drivers ... (full story)