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Reforms key for expected change to Italy rating within 6 mths-DBRS
November 20, 2014 / 9:33 AM / 3 years ago

Reforms key for expected change to Italy rating within 6 mths-DBRS

MILAN, Nov 20 (Reuters) - DBRS will change its assessement of Italy’s rating over the next six months and the direction of the move will hinge on progress achieved on planned reforms, the rating agency’s head analyst for Italy said on Thursday.

“Over the course of the next six months DBRS will definitely update its assessment of Italy’s sovereign rating,” Giacomo Barisone told Reuters on the sidelines of an event.

“Much will depend on whether the government will be successful in approving the reforms it has announced,” he added.

DBRS in October confirmed Italy’s long-term rating at A (low) with a a negative outlook.

Among the four agencies whose ratings the European Central Bank uses to set collateral for banks’ funding, DBRS assigns Italy the highest mark. A downgrade below the single-A threshold would force Italian lenders to post larger amounts of government bonds against ECB loans. (Reporting by Giulio Piovaccari, writing by Valentina Za)

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