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(The following statement was released by the rating agency) Link to Fitch Ratings' Report: Italy - Rating Action Report here LONDON, April 21 (Fitch) Fitch Ratings has downgraded Italy's Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) to 'BBB' from 'BBB+'. The Outlooks are Stable. The issue ratings on Italy's senior unsecured foreign- and local-currency bonds have also been downgraded to 'BBB' from 'BBB+'. The Country Ceiling has been revised down to 'AA' from 'AA+'. The Short-Term Foreign- and Local-Currency IDRs have been affirmed at 'F2'. The issue ratings on Italy's short-term local-currency bonds have also been affirmed at 'F2'.