"I don't think I see any possibility of improvement" in Italy's sovereign rating, "because the whole economy is in stagnation, there are no changes or total reforms". Said Guan Yianzhong, president of the Chinese rating agency Dagong, presenting the new Dagong Europe Credit Rating based in Milan.
The opinion on Italian sovereign debt weighs on the fact that "there are no conditions for a total structural change", he added. Dagong cut his rating on Italy in December 2011, bringing the sovereign rating from A- to BBB with a negative outlook. The downgrading, the agency explained at the time, was due to the worsening economic prospects for the country and the risks of the banking system.
