There was some speculation that they would cut the rating

S&P has affirmed Italy's rating at BBB. They continue to keep the outlook negative.

They said:

  • could lower ratings if government debt to GDP fails to shift onto clearly discernible downward path over the next 3 years
  • could lower ratings if there is market deterioration in borrowing conditions that jeopardizes public finance sustainability
  • projected that Italian gross general government debt will increase to 153% of GDP by end of 2020
  • forecasts Italy average unemployment rate will rise to 11.2% this year

They also kept Greece at BB- but moved outlook to stable from positive.