Rome, April 29 - US credit ratings agency Standard and Poor's on Monday said it confirmed its BBB+ rating on Italy following the swearing in of a new government. However, the ratings agency warned that "significant risks" remained to a possible recovery of the Italian economy in the second half of the year and questioned whether the new government, led by former Democratic Party (PD) Vice-Chairman Enrico Letta and backed by a broad cross-party coalition, would be able to make good on its reform promises. "Letta's initial words suggest an intention to slow down, but not reverse, the speed of fiscal rebalancing". Standard and Poors also pointed out that it was not clear whether the new government would be able to carry out pro-growth reforms. The agency also pointed to expected electoral reforms as a positive element in Letta's program. "We know that the electoral system could be reformed and this, from our point of view, could strengthen the capacity of future governments to act".