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Republic of Italy downgraded

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Both Standard & Poor’s and Fitch Ratings cut their ratings on the Republic of Italy to ‘A+’ and ‘AA-‘, respectively. The downgrade impacted several credit-linked issues and CPG Societe di Cartolarizzazione Arl (SCCI) paper.

S&P downgraded six ABS deals — FIP Funding (two tranches for €1.994 billion), BCC Securities (€148 million), Mutina Srl (€412.5 million), Infrastrutture (€25 billion ISPA high speed railway funding program) and (€1.087 billion) and PRIMA FVG (€51 million).

Fitch said the deals affected are Patrimonio Uno, FIP Funding and Mutina Srl. Market analysts said they expected more deals would follow.

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