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Moody's places Italy's debt rating on review

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.

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