Fitch downgrades Italy on election uncertainty

MILAN (AP) — Fitch Ratings Agency on Friday downgraded Italy’s credit rating to BBB+ from A- with a warning of a further downgrade, citing the uncertainty created by February’s inconclusive elections.

Fitch said the failure to come up with a clear winner makes “it unlikely that a stable new government can be formed in the next few weeks,” thereby harming prospects of further reforms.