KBRA affirms the long-term and short-term issuer ratings of the Republic of Italy.
Ratings Outlook
The Positive Outlook reflects KBRA’s view that continued fiscal and structural improvements could further strengthen Italy’s credit profile, particularly if primary surpluses are sustained and the fading impact of Superbonus supports a durable decline in public debt from 2028. Continued investment and National Recovery and Resilience Plan (NRRP)-related reforms should support economic resilience and institutional capacity, although weak productivity and modest trend growth remain key constraints. External risks remain elevated, particularly from energy prices, trade disruption and geopolitical tensions, but strong market access, a favourable external position and improved banking sector fundamentals provide important buffers.
Key Credit Considerations
The ratings were affirmed because of the following key credit considerations:
Strengthening Fiscal Position
Fiscal performance…
Log in or Sign up for free access to this report.
KBRA is a global full-service rating agency with a mission to set a standard of excellence and integrity. Established in 2010, KBRA remains dedicated to the restoration of trust in credit ratings by creating new standards for assessing risk and by offering timely and transparent ratings. KBRA provides market participants with an alternative solution by delivering in-depth research across various sectors within the United States and European markets. We strive to provide the investment community with the products and tools needed to make informed investment decisions.