Breaking News Out of Italy

Egan Jones rating agency cut Italy’s credit rating from BB to B+ along with statement of a negative watch.

Point to Italy's  debt-to-GDP ratio, Egan Jones said “Italy is in miserable shape,” .

Egan Jones said, Italy is likely going to need  to provide more support to banks and that ability to support its banks was “questionable.”

Egan-Jones cut Italy’s credit rating to “B+” from “BB” with a negative watch. In a research note, Egan said “Italy is in miserable shape,” noting its debt-to-GDP ratio. The ratings agency also said that Italy would likely have to provide additional support to its  banks and that its independent ability to support its banks was “questionable.”