Fitch downgraded BBB to the credit of the Italian state

Fitch Ratings downgraded BBB (from BBB +) to Italy's lender, relying on weak economic growth and the government's inability to cut public debt.

"The continuing history of Italy's fiscal slippages, the postponement of fiscal adjustment, weak economic growth and the resulting inability to reduce the very high level of general government debt" means that the country is "exposed to Potentially shocks, "Fitch said in a statement.