Rome

Economy minister blasts S&P downgrade of Italy

Based on 'mechanical extrapolation of old data'

Economy minister blasts S&P downgrade of Italy

Rome, July 10 - Standard & Poor's decision to cut its rating for Italy down to BBB from BBB+ with a negative outlook "appears to be based on a mechanical extrapolation of past data", Italian Economy Minister Fabrizio Saccomanni said Wednesday. Saccomanni also said the rating agency's "perception of risks was only based on worst-case scenarios". Saccomanni added that "what will really count will be the considerations made by Italian and foreign investors" and that today's bond issues "went pretty well" despite the downgrade. In a statement released on Tuesday 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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