Ratings, wait for S&P and Fitch ratings. Here is Italy's situation

The first judgments of the rating agencies on Italy are expected today, moreover just a few hours after the go-ahead of the manoeuvre 2025. S&P Global Ratings and Fitch will comment in the evening with the markets closed. Then Dbrs will follow on 25 October, and Moody's on 22 November.

The agencies will be called upon to assess the reliability of public accounts and the soundness of the Italian economy in the international context dominated by the geopolitical uncertainty of the two wars and trade tensions especially between Europe and China.

The approval of the budget structural plan substantially on schedule and of the Dpb together with the manoeuvre already at the beginning of this week could, however, represent a sign of stability that could be appreciated. As is the 'prudence' repeatedly emphasised by the Minister of the Economy, Giancarlo Giorgetti, as a cardinal principle of account management.

S&P's current rating on Italian debt, confirmed last April, is BBB with stable outlook. Fitch's rating is also BBB with a stable outlook.

Fitch Ratings and S&P Global Ratings are expected to leave Italy's rating - currently two notches above non-investment grade - on hold with a stable outlook after Friday's market close, say analysts at UniCredit Research. "We believe the rating agencies will focus mainly on the high level of public debt, which makes Italy vulnerable to a shock, as well as the projected increase in the debt-to-GDP ratio between now and 2026, due to the financial impact of housing tax credits on tax revenues," they say. The Italian government is committed to improving the budget deficit path.