Italy downgraded.
Standard and Poors, the international credit rating agency, has downgraded Italys rating from stable to negative in its most recent valuation. The reason given for the downgrade is that S&P believes that whichever political formation wins the 2006 general elections, whether it is the present centre-right coalition government of Silvio Berlusconi or the opposition centre-left group of parties, neither has the strength nor the political will to impose the necessary economic reforms.
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