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Italy Facing Another Test As Moody’s Rating Decision Looms

Sep 15th, 2011 08:17 by News

14-Sep (The Wall Street Journal) — As the expected end of Moody’s review to possibly downgrade Italy’s sovereign debt rating closes in, market participants are bracing for another hit to that country’s bond market.

Moody’s Investors Service says ratings decisions are historically made within 90 days of putting a country on review for possible downgrade. Italy’s 90-day period closes at the end of this week, as Moody’s warned it might downgrade the country June 17. Moody’s declined to comment on the status of the review.

A potential downgrade comes at a difficult time for Italy and potentially the entire euro zone. Italy, the euro zone’s third-largest economy, is already reeling from a disappointing debt auction earlier this week. And the overall region’s health continues to hinge on whether Italy and Spain will need bailouts similar to those of Greece, Portugal and Ireland.

Author key: MK - Michael J. Kosares; GC - George Cooper; PG - Peter A. Grant; JK - Jonathan Kosares; RS - Randal Strauss. [see also 12 yrs of Discussion Archives]

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