Italy has debt rating cut by S&P

19 September 2011 Last updated at 19:22 ET

Italy’s Prime Minister Silvio Berlusconi has a fight on his hands if he wants to solve economic problems

Italy has had its sovereign debt rating cut by Standard & Poor’s, the latest move in a deepening and continuing European debt crisis.

S&P cut its rating on Italy’s long- and short-term sovereign debt rating to A/A-1 from A+/A-1+, adding that the outlook for the country was “negative”.

It cited fears over Italy’s ability to cut state spending and bring its finances in order.

Italy is currently trying to push through an austerity budget.

“We believe the reduced pace of Italy’s economic activity to date will make the government’s revised fiscal targets difficult to achieve,” S&P said in a statement.

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