Italy's credit rating upgraded

The country's credit rating has been the lowest among the G7 countries and has hovered on the verge of junk status. However, on Friday, Moody's announced that the rating was being raised by one notch to Baa2.

Moody's said in a statement that the credit rating upgrade reflects, among other things, a period of political stability in the country.

“We expect Italy's high public debt to gradually decline from 2027,” Moody's writes.