Both Standard & Poor's and Fitch Ratings cut their ratings on the Republic of Italy to 'A+' and 'AA-', respectively. The downgrade impacted several credit-linked issues and CPG Societe di Cartolarizzazione Arl (SCCI) paper.
S&P downgraded six ABS deals -- FIP Funding (two tranches for 1.994 billion), BCC Securities (148 million), Mutina Srl (412.5 million), Infrastrutture (25 billion ISPA high speed railway funding program) and (1.087 billion) and PRIMA FVG (51 million).
Fitch said the deals affected are Patrimonio Uno, FIP Funding and Mutina Srl. Market analysts said they expected more deals would follow.