Italy's sovereign debt rating cut by S&P on growth fear

[nadinbrzezinski]

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

S&P cut its rating by one level to A from A+, 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, particularly given the country's growth prospects.

Italy recently passed an unpopular austerity budget.

http://www.bbc.co.uk/news/business-14981718