New York

S&P downgrades rating for Italy to BBB

'Economy to contract by 1.9%'

S&P downgrades rating for Italy to BBB

New York, July 9 - Standard & Poor's cut its rating for Italy down to BBB from BBB+ with a negative outlook on Tuesday. In a statement the ratings agency said the Italian economy will contract by 1.9% in 2013, with a debt-to-GDP ratio of 129%.

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