Source - SMW
Fitch Ratings has affirmed Italy's long-term foreign currency issuer default rating at 'BBB' with a stable outlook. 

Fitch said: 'Italy's 'BBB' rating is supported by a diversified, high value-added economy, with GNI per capita, governance and human development indicators much stronger than the peer group median. 

'Private sector indebtedness is moderate, there is a sustainable pension system, and government yields are low. 

'Set against this are the extremely high level of public debt, a track record of fiscal slippage, relatively high net external debt, low trend GDP growth, ongoing weakness in the banking sector, and political risk.'