S&P changes view on Italy to stable

S&P said it revised Italy’s outlook to stable from negative and affirmed its unsolicited BBB long-term foreign- and local-currency ratings.

The outlook balances the pandemic’s damage to public finances at the national level against the European Central Bank’s extraordinary policy response. The ECB stepped up quantitative easing to lower yields, ease financial conditions and support asset prices and demand, the agency said.

The European Union also established a new recovery and resilience fund set to disburse up to 12.5% of GDP in loans and grants to Italy over the next four years, S&P said.

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