Moody's Investor Service downgraded the Italy's government credit rating by three notches lower to A2 from Aa2, increasing the negative outlook for the global economic recovery during this period. This action comes after Standard & Poor's downgraded Italy on Sept. 20 for the first time in five years.

Moreover, the negative outlook reflects ongoing economic and financial risks in Italy and in the euro area. Further, the International Monetary Fund (IMF) cut its growth forecast for Italy on Sept. 20, saying it will miss its goal of erasing the deficit.