Italian Finance Minister Fabrizio Saccomanni. Photo: EPA

Italian economy minister calls S&P rating cut ‘backward'

Italian Economy Minister Fabrizio Saccomanni criticised Standard & Poor’s cut to its rating on Italy, saying it failed to take account of recent government measures to boost growth. Speaking at the annual meeting of the Italian banking federation, Saccomanni said ratings decisions on sovereign debt risked being based on outdated information and creating unwanted pro-cyclical effects.