DBRS revises Italy trend to stable

DBRS said it changed the trend on Italy to stable from negative and confirmed its long-term foreign- and local-currency issuer ratings at BBB (high).

The stable trend reflects the improvement in the economic outlook and the expected progress with the reforms included in Italy’s National Recovery and Resilience Plan that will help repair the public accounts over the medium term, DBRS said.

“Public debt rose sharply to 155.6% of GDP last year from 134.3% in 2019 but its affordability and profile are expected to keep improving. The debt ratio will start to decline this year, sooner than expected, and DBRS Morningstar considers a GDP ratio below 150% by 2023 to be achievable, driven mainly by sustained growth rates and favorable interest costs,” the agency said in a press release.

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