The umbrella of the ECB, the opportunity of the Recovery Plan and the protection of the Draghi government freeze the panorama of the rating on the Italian debt. Last night Moody’s did not change the Baa3 rating with a stable outlook that had already been reiterated in November, continuing on that line of tranquility that two weeks ago had seen the rating left unchanged by Standard & Poor’s (BBB, stable outlook).
The next steps
The spring exams on Italian government bonds will have the last stage on June 4, when the appointment with Fitch is set. The French agency was the author of the latest downgrade in April 2020, and then confirmed the BBB- with a stable outlook in December.
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After all, after the spring surprise of Fitch, when the downgrade came out of the bag, despite the surge produced by the pandemic crisis, the Italian debt no longer suffered any shocks in the rating, and indeed in October it had seen S&P improve the outlook from negative to stable .
The reasons for the calm
The reasons for such relative serenity must first of all be sought in Frankfurt, of course, but the common European action that was innervated with the launch of the Recovery and Resilience Facility has given new arguments to the sustainability of the Italian maxi-suit too. And, all in all, it has made the votes of the rating agencies more marginal, which at this stage do not seem to be holding the fate of government bonds.