Now it’s time for Italians to hate Standard and Poor’s. Monday, the credit agency cut Italy’s debt rating one level to A/A-1 with a “negative” outlook. The move comes as Italy has struggled to cut spending and the debt crisis in Europe continues to worsen. Italy has the second-biggest debt level in Europe, and investors are spooked with fears that the nation will not be able to pay loans. Earlier this year, S&P downgraded the U.S.'s debt rating.