Debt Crisis: Standard & Poor's Downgrades Italy

Italy Downgraded By Standard & Poor's As Debt Crisis Deepens

The news came after panic gripped global markets as a fresh showdown over Greece renewed fears that the eurozone will be plunged into crisis.

The rating for Italy, which has Europe's second-largest debt load, was lowered from A+ to A, S&P said in a statement.

The agency said the country's net general government debt is the highest among A-rated sovereigns, and now expects it to peak later and at a higher level than it previously anticipated.

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