POSTED: Tuesday, September 20, 2011 - 8:30am
UPDATED: Tuesday, September 20, 2011 - 8:31am
NBC News — Ratings agency Standard and Poors in a surprise move cut Italy's credit rating by one notch. S&P which put Italy on review for downgrade in May, said that the outlook for growth was worsening.
In its downgrade notice, the agency said that there was little sign that Prime Minister Silvio Berlusconi's fractious center-right government could respond effectively to the worsening conditions. The move took markets by surprise and added to pressure on the debt-stressed Eurozone. Italy is the Eurozone's third largest economy.