Italy’s Credit Rating Cut

Standard & Poor’s have cut yesterday Italy’s credit rating to A/A-1 from A+/A-. They said that the outlook for the country is negative after fears arose that Italy will not be able to cut their debt, which is one of the biggest in the world. This move will fuel fears further that the Euro is in big trouble. Earlier this year many other countries had their credit rating slashed already. These include the US which was downgraded from AAA to AA+.