Moody's delays Italy downgrade decision

Ratings agency Moody's has extended its review of Italy's Aa2 credit rating by a further 30 days as it assesses the country's financial position.

Moody's initially put Italy's local currency and government bond ratings on review for a potential downgrade on 17 June, prompted by concerns surrounding the country's growth outlook, the implementation of its fiscal reforms, and challenging funding conditions for European sovereigns. The ratings agency said it would "strive to conclude the review within the next month", saying it was continuing to assess Italy in light of "the increasingly challenging economic and financial environment and fluid political developments in the euro area". Italy's current Aa2 rating is two notches below...