“I think we can legitimately ask ourselves questions about the appropriateness of the timing of this downgrade. And it's not the first time this question has arisen." This was stated by Simon O'Connor, a spokesman for the European Commission Vice-President Olli Rehn, referring to the last one downgrade operated by Moody's on Italy.
During the night, the American rating agency cut the assessment of our country's government bonds by two levels. The rating thus dropped from A3 to Baa2, with a negative outlook once again.
Suspicions about Moody's timing stem from the fact that just this morning the Italian Treasury was engaged in thelast placement of Btp for this summer. Despite the agency's tripping - which caused a new surge in the spread - the auction still had a positive outcome: securities maturing in July 2015 were placed for a total of 3,5 billion, the maximum pre-set amount, and rates fell to 4,65 .5,30% from XNUMX% in the analogous auction in June.
Also the Italian Government has taken a tough stance against the downgrade that came from the US agency. “Moody's judgment is completely unjustified and misleading, because it does not take into account the great work that the country is doing – said today the Minister of Economic Development, Corrado Passera, speaking at the Ance assembly -. Few countries can say that they have set in motion such a guaranteeing commitment in terms of public finances and structural reforms”.
