Moody's Investor Service downgraded Italy to 'A2' with a negative outlook, from 'Aa2' but the agency said that for Italian structured finance deals, 'Aaa' ratings are still achievable.

The main drivers of the sovereign downgrade according to Moody's were increased downside risks to economic growth; increase in long-term funding risk due to the high public debt level and implementation risks of the government's fiscal consolidation targets due to economic and political uncertainties.

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