S&P Maintains Italy's Sovereign Rating At 'BBB-'

(RTTNews) - S&P Global Ratings on Friday retained the sovereign ratings of Italy despite downgrading its real growth outlook.

The agency affirmed the rating at 'BBB-' with stable outlook. The ratings were supported by its wealthy and diversified economy and external position, S&P added.

The rating agency expects the constitutional referendum, if passed, could benefit the Italian government's stability and effectiveness.

Italy's real GDP growth was projected to increase to around 0.9 percent this year as domestic demand stabilize due to the gradual improvement of Italy's labor market. The outlook was revised down from 1.1 percent.

On Friday, S&P also retained the credit ratings of Georgia. The outlook remained stable. Georgia's creditworthiness was underpinned by the country's reasonably resilient economic growth and the government's relatively prudent fiscal position.

S&P affirmed Montenegro's rating at 'B+' but the outlook remained negative as the agency assessed further possibility of deterioration in fiscal and debt metrics over 2016-2019.