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SPOOKED

S&P Downgrades Italy

As Europe’s debt crisis worsens.

cheats/2011/09/19/s-p-downgrades-italy/italy-debt-cheat_n8zeto

Angelo Carconi / AP Photo

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.

Read it at BBC

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