The international rating agency Moody's Investors Service placed Italy's debt rating on review for a downgrade. Moody's rates Italian debt Baa2, two notches above "junk" status.
The main reasons for the revision are related to political instability in Italy: the government has not yet been formed, although negotiations have been held since March, and the country is threatened with new elections. Moody's noted a significant risk of weakening the budget indicators, taking into account the plans of the winning parties.
Italy's Prime Minister-designate Giuseppe Conte gave up on attempts to form a government after the country's president vetoed the proposed candidacy of the Minister of Economy.