Italy has been relegated to Serie B. This time the arduous sentence comes fromChinese rating agency Dagong, which has cut the judgment on our country from 'A-' to 'BBB', moreover with a negative outlook. The agency justified the decision by underlining that, as the public debt crisis worsens in the Eurozone, it is becoming “increasingly less feasible for Italy to refinance its high debt. Bond yields will continue to rise due to a worsening of the economic and financial situation and will deal a heavy blow to the country, which depends on external financing".
Dagong, little known outside China, is the only Chinese agency that evaluates the sovereign ratings of about fifty countries and aims to break what it calls the monopoly of Western rating agencies. In August Dagong downgraded the US rating to the level of countries such as Spain, Estonia and South Africa.
