Moody `s rating has initiated a review of the euro area

Italy's credit rating lowered at once on three levels - agency Moody `s has applied such sanctions for the first time since 1993, reducing the country's sovereign rating to Aa2 from A2 c negative outlook. "All the smaller European countries rated below Aaa able to maintain their ratings at the current level," warns Moody's.

Such a sharp downgrade of Italy agency Moody `s says" a significant increase in long-term risks in raising funds for countries with high debt, such as Italy. These risks are the result of a long and noncyclic declining confidence in all Eurozone fiscal space and the ongoing debt crisis of the sovereign. " In addition, the agency notes the growing risks to the economic development of Italy, naming as reasons for the deterioration of the macroeconomic situation. In this case, according to Moody `s, the Italian government to a significant time to achieve the goals of fiscal policy. Reducing Italy's rating to A2, the agency put her on par with Malta and one notch below Estonia (rated A1). To the surprise of many observers, the Italian authorities' reaction to the actions of Moody `s been very quiet. Italian Prime Minister Silvio Berlusconi said that "the agency's decision was expected", and stressed that "the Italian government is doing everything possible to achieve the budget goals."
 

Moody `s also stated that in the near future ratings of other eurozone countries, whose financial situation is not ideal, can be reduced. "In the strongest euro zone sovereign borrowers, the rest are likely to be vulnerable to the negative pressure on the ratings - the agency said in a statement .- We expect that the smaller countries with ratings of Aaa (Austria, Finland, France, Germany, Luxembourg, the Netherlands .- "b") will maintain their current ratings. "Responding to statements by the agency followed in the foreign exchange market: the euro against the dollar has declined from $ 1.335 to $ 1.330, while against the yen - to ¥ 102,5 to ¥ 101,2 .