Scorecards and markets

Public accounts, Italy promoted by Fitch. Here are the previous ratings

Sovereign debt rating review season begins

by Rome Editorial Staff

19 September 2025

2' min read

Key points

23 May 2025: Moody's raises outlook from stable to positive
11 April 2025: S&P raises Italy's rating, from policy stability markets
5 April 2025: Fitch confirms BBB rating with positive outlook for Italy
25 October 2024: Dbrs confirms Italy's rating, lifts positive trend

2' min read

With the markets closed, in the evening came Fitch's decision on Italy's rating, raised to BBB+ from BBB, with outlook changing to 'stable' from 'positive'.

With Fitch, the sovereign debt rating review season starts. There was much anticipation about Fitch's rating of Italy after the declassification of France to A+. In the evening, also the agency Dbrs cut France's rating from 'AA (high)' to 'AA', with stable trend.

Here are the most recent judgements on Italy, before 19 September 2025.

23 May 2025: Moody's raises outlook from stable to positive

On 23 May Moody's raised from stable to positive the outlook that accompanies the Baa3 assigned to Italy for seven years now. Another improvement in the rating that apparently goes against the rough waters of the international markets, but follows the line already drawn on 11 April by S&P with the promotion, that time full, that brought the rating from BBB to BBB+ (with stable outlook).

11 April 2025: S&P raises Italy's rating, from policy stability markets

On 11 April, S&P raised Italy's rating from BBB to BBB+ with a stable outlook. A rating that, as the rating agency explained at the time, rewarded political and market stability. And if growth stops at 0.6% this year, the debt-to-GDP ratio will then stabilise from 2028. "Prime Minister Giorgia Meloni's government, among the longest-running in recent Italian history, enjoys solid public support. It also benefits from a stable parliamentary majority and limited opposition threats, which makes it likely to remain in power until 2027. This political continuity has helped to preserve the stability of the financial markets and support steady progress,' the agency pointed out.

The last time Italy had had its sovereign rating upgraded by one of the major agencies was with Fitch, from BBB- to BBB, in December 2021, a few months after the Draghi executive took office, in the midst of the Covid crisis but with the European Recovery Fund bailout. Going a little further back, the previous improvement in Italy's rating dates back to S&P, again from BBB- to BBB, in October 2017: Gentiloni-led Italy was emerging from the dual sovereign debt-banking crisis.

5 April 2025: Fitch confirms BBB rating with positive outlook for Italy

On 5 April, Fitch confirmed its BBB rating with a positive outlook for Italy. "Italy's rating," the agency clarified on that occasion, "is supported by its large, diversified and high value-added economy, membership of the eurozone, and solid institutions relative to the median of the BBB category. These strengths are balanced by weak macroeconomic and fiscal fundamentals, in particular very high public debt and still low growth potential. The positive outlook reflects reduced fiscal and financial risks in the medium term from exceptionally high debt levels due to improved policy stability and fiscal management. They also reflect resilience and room for manoeuvre in the face of economic and fiscal headwinds stemming from elevated external risks and geopolitical uncertainties'.

25 October 2024: Dbrs confirms Italy rating, lifts positive trend

On 25 October last year, the Dbrs Morningstar agency confirmed the BBB (high) rating for Italy and raised the trend to positive from stable. On that occasion, the agency explained that the revision was 'linked to the improvement in the medium-term fiscal trajectory, which mitigates the risks associated with public debt, which remains high'.