Dbrs raises Italy's rating to A. S&P cuts France's rating. Giorgetti: back in Serie A with pride

The agency Dbrs Morningstar raises Italy's rating to A (low) from BBB (high), with stable trend from positive, according to a note. The government of Prime Minister Giorgia Meloni "is proving to be stable and credible", with Italy going through a "period of political stability that ensures greater predictability in policy making and credibility in its budgetary plans", says rating agency Dbrs. The ratings upgrade "reflects Morningstar Dbrs' view that the cumulative reduction of vulnerabilities in the banking sector and the improvement in the external sector have led to a more resilient economy and fiscal consolidation will continue and will at least help stabilise the debt-to-GDP ratio over the medium term".

Italy is on track to record two consecutive years of better-than-expected account results in 2025, thanks in part to more effective spending control, Dbrs said, pointing out that "despite slower growth and spending pressures over the medium term, the government's stability and track record lend credibility to its plan to consolidate accounts over the medium term". "The government remains committed to consolidation despite slower growth and increased spending pressures," Dbrs highlighted, recalling that the government expects a 3% deficit this year. "Italy's high debt, the second highest in the European Union, limits Italy's rating," the rating agency added, explaining that the upward rating revision is also linked to reduced vulnerabilities in the banking sector.

'Fruit of the constant work of these three years of government, Italy is back in Serie A with great pride'. This is how the Minister of Economy and Finance Giancarlo Giorgetti comments on the promotion of Italy's rating by the Dbrs agency.

S&P ha tagliato il rating della Francia ad ‘A+/A-1’ da ‘AA-/A-1+’, con outlook stabile, “a causa degli innalzati rischi per il consolidamento di bilancio”. È quanto comunica l’agenzia di rating in una nota. “Nonostante la presentazione questa settimana al Parlamento del progetto di bilancio 2026, l’incertezza sulle finanze pubbliche francesi rimane elevata”, scrive S&P. “Sebbene a nostro avviso l’obiettivo di deficit di bilancio” per il 2025, pari al 5,4% del Pil, “sarà raggiunto, riteniamo che, in assenza di ulteriori misure significative di riduzione del deficit di bilancio, il consolidamento di bilancio nel nostro orizzonte di previsione sarà più lento di quanto previsto in precedenza”, prosegue l’agenzia, e “prevediamo che il debito pubblico lordo raggiungerà il 121% del Pil nel 2028, rispetto al 112% del Pil alla fine dello scorso anno”. “Di conseguenza, abbiamo abbassato il rating” sulla Francia “da ‘AA-/A-1+’ a ‘A+/A-1’. L’outlook è stab