Moody's has revised Italy's outlook to negative from stable

Moody's has rated Italy down to BAA2 as reported recently on Reuters:

Here are some of the comments on Reuters:

• Expects that Italy's debt burden will increase next year
• Subdued growth outlook leaves little scope for any material reduction in Italy's very high debt burden over coming years
• Italy's growth remains subdued and its growth prospects poor, and longer-term challenges to the government's fiscal strength persist
• Popular rejection of constitutional reform in referendum poses threat to the achievement of reforms implemented to date
• Over the nearer term, Moody's believes that the prospects of further fiscal slippage also weigh upon Italy's fiscal outlook
• Diminished likelihood, following referendum, that govt will make further progress on structural economic, fiscal reforms needed
• Italy's headline deficit is expected to be 2.4% of GDP in 2016, missing by some margin the target of 1.8% set in the 2015 stability programme
• Negative outlook implies that the probability of an upgrade is low