The downgrading of the Italian sovereign rating, implemented last night by Moody's, was followed by the prompt response of the Minister for Development Corrado Passera, during his speech at the Ance assembly.
According to Passera, the decision is based on a judgment “totally unjustified and also misguided”.
"Often procyclical judgments, i.e. emphasizing current trends, are not only not useful but do not take into account the profound work put in place in some countries such as ours“, Added the minister.
According to Passera, Moody's judgment "does not recognize the concrete actions taken and initiated by the Government".
Furthermore, it does not recognize the strong commitment now demonstrated and strongly aimed at managing our public finances. Passera then underlined: “I believe, however, that the markets will give us this recognition over time, because the government's work will continue as strong as it has been up to now”.
Moody's cut Italy's sovereign credit rating to Baa2 from A3 tonight.
