February 26, 2020 / 7:49 AM / a month ago

DBRS Morningstar sees limited impact from virus outbreak in Italy

MILAN, Feb 26 (Reuters) - An outbreak of the new coronavirus which has stoked recession fears in Italy is expected to have a limited economic impact and no significant implications for the country’s credit rating, DBRS Morningstar said on Wednesday.

The measures put in place to contain the outbreak will dampen economic activity and hurt tourism, the agency said, adding however its baseline scenario was one of a temporary demand shock that would affect one or two quarters.

“This is unlikely to have lasting implications for Italy’s economy or for its DBRS Morningstar credit rating (BBB (high) with a stable trend),” it said in a statement. (Reporting by Valentina Za, editing by Gianluca Semeraro)

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