S&P upgrades Italy's debt rating

Credit ratings agencyS8P Globalupgraded Italy on Friday in a surprise move just days after Rome halved its economic growth forecast amid global market turmoil andsaid its huge public debt would rise this year and next.

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SAP Global raised Italy's sovereign debt rating to BBB+ from BBB, citing its falling budget deficit, resilient exports and high domestic savings rate, and confidence that the European Central Bank will keep any inflationary pressures in check.

It said the new rating carried a stable outlook.

“Theupgradereflectsitaly’simprovedeconomic, external, and monetary buffers amid rising global headwinds, and the gradual progress it has made in stabilizing public finances since the (COVID-9) pandemic’s onset,” S8P Global said.