Italy: Sovereign credit ratings

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Sovereign credit ratings in Italy: The table shows the history of sovereign credit ratings. Click on the following link to see the values of Sovereign credit ratings around the world. Sources: Fitch, Moody's, S&P, Scope.

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Agency Rating Outlook Date
Fitch BBB Stable 5/2024
Moody's Baa3 Stable 11/2023
Fitch BBB Stable 11/2023
Scope BBB+ Stable 7/2023
Fitch BBB Stable 5/2023
Moody's Baa3 Negative 8/2022
Scope BBB+ Stable 7/2022
Fitch BBB Stable 6/2022
Fitch BBB Stable 12/2021
Scope BBB+ Stable 8/2021
Fitch BBB- Stable 6/2021
Fitch BBB- Stable 12/2020
Moody's Baa3 Stable 11/2020
Standard & Poor's BBB Stable 10/2020
Fitch BBB- Stable 7/2020
Scope BBB+ Negative 5/2020
Fitch BBB- Stable 4/2020
Fitch BBB Negative 2/2020
Fitch BBB Negative 2/2020
Fitch BBB Negative 8/2019
Fitch BBB Negative 2/2019
Scope BBB+ Stable 12/2018
Standard & Poor's BBB Negative 10/2018
Moody's Baa3 Stable 10/2018
Fitch BBB Negative 8/2018
Scope A- Negative 6/2018
Fitch BBB Stable 3/2018
Standard & Poor's BBB Stable 10/2017
Moody's Baa2 Negative 10/2017
Fitch BBB Stable 10/2017
Scope A- Stable 6/2017
Scope A- Under Review 5/2017
Scope A- Under Review 5/2017
Fitch BBB Stable 4/2017
Moody's Baa2 Negative 12/2016
Fitch BBB+ Negative 10/2016
Fitch BBB+ Stable 7/2016
Fitch BBB+ Stable 4/2016
Fitch BBB+ Stable 10/2015
Standard & Poor's BBB- Stable 12/2014
Fitch BBB+ Stable 10/2014
Fitch BBB+ Stable 9/2014
Fitch BBB+ Stable 8/2014
Fitch BBB+ Stable 7/2014
Fitch BBB+ Stable 6/2014
Fitch BBB+ Stable 5/2014
Fitch BBB+ Stable 4/2014
Fitch BBB+ Negative 3/2014
Moody's Baa2 Stable 2/2014
Fitch BBB+ Negative 2/2014
Fitch BBB+ Negative 1/2014
Fitch BBB+ Negative 12/2013
Fitch BBB+ Negative 11/2013
Fitch BBB+ Negative 10/2013
Fitch BBB+ Negative 9/2013
Standard & Poor's BBB Negative 7/2013
Fitch BBB+ Negative 7/2013
Fitch BBB+ Negative 6/2013
Fitch BBB+ Negative 5/2013
Moody's Baa2 Negative 4/2013
Fitch BBB+ Negative 3/2013
Fitch A- Negative 8/2012
Moody's Baa2 Negative 7/2012
Fitch A- Negative 7/2012
Fitch A- Negative 5/2012
Fitch A- Negative 4/2012
Moody's A3 Negative 2/2012
Fitch A- Negative 2/2012
Standard & Poor's BBB+ Negative 1/2012
Fitch A- Negative 1/2012
Standard & Poor's A Negative watch 12/2011
Fitch A+ Negative 12/2011
Fitch A+ Negative 11/2011
Moody's A2 Negative 10/2011
Fitch A+ Negative 10/2011
Standard & Poor's A Negative 9/2011
Moody's Aa2 Negative watch 6/2011
Standard & Poor's A+ Negative 5/2011
Standard & Poor's A+ Stable 10/2006
Fitch AA- Stable 10/2006
Fitch AA Negative 5/2006
Standard & Poor's AA- Negative 11/2005
Standard & Poor's AA- Negative 8/2005
Fitch AA Negative 6/2005
Standard & Poor's AA- Stable 7/2004
Standard & Poor's AA Negative 1/2003
Fitch AA Stable 6/2002
Moody's Aa2 Stable 5/2002
Fitch AA- Stable 9/2000
Standard & Poor's AA Stable 5/1998
Moody's Aa3 Stable 7/1996
Standard & Poor's AA Negative 5/1996
Moody's A1 Positive watch 5/1996
Standard & Poor's AA Negative 2/1995
Standard & Poor's AA Stable 3/1993
Standard & Poor's AA+ Stable 3/1993
Moody's Aa3 Negative watch 2/1993
Moody's Aa3 Stable 8/1992
Standard & Poor's AA+ Negative 5/1992
Moody's Aa1 Stable 7/1991
Standard & Poor's AA+ Stable 5/1991
Standard & Poor's AA+ Positive 6/1989
Moody's Aaa Stable 10/1986

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Definition: S&P includes long-term ratings from the highest AAA to the lowest D rating. Moody’s includes long-term ratings from the highest Aaa to the lowest C. Fitch includes long-term ratings from the highest AAA to the lowest D rating. Scope includes long-term foreign-currency ratings from the highest AAA to the lowest D rating.

For all four international credit rating agencies, ratings are divided into two main groups based on the level of credit risk: investment grade for lower levels of credit risk and speculative grade for higher levels of credit risk. For S&P, Fitch and Scope, investment grade issues/issuers are those rated from BBB- and above, while those from BB+ and below are categorized as speculative grade. Moody’s denotes as investment grade issues/issuers as those rated from Baa3 and above, while ratings from Ba1 and below fall into the category of speculative grade.

All four agencies include modifiers into their generic alphabet-based ratings for particular ranges. Ratings from S&P, Fitch and Scope are modified with “+” or “-” from the range AA to CCC. Moody’s appends numerical modifiers from 1 to 3 to the generic rating classifications from Aa to Caa. 1 indicates standing in the higher end of the generic category, while 3 indicates ranking in the lower end. All modifiers denote relative status within major ratings categories.

Rating Outlooks indicate the direction the rating is likely to move over a one- to two-year period. In determining an outlook, consideration is given to any changes in fundamental business conditions. Credit Watch focuses on identifiable events that cause ratings to be placed under special surveillance.

Rating Outlooks/Watches for the four agencies are the following:

- Positive means that a rating may be raised
- Negative means that a rating may be lowered
- Stable means a rating is not likely to change
- When the fundamental trend has strong, conflicting elements of both positive and negative, the Outlook/Watch can be denoted as Developing (for Scope, a Stable Outlook would be assigned in this case).

Credit Watches do not include a Stable Watch because they are only event driven and denote higher probability of change in the rating. Credit Outlooks and Watches are mutually exclusive.
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