Moody's downgrades Italy's credit rating

Moody's Investors Service downgraded Italy's credit rating by three notches, a move that likely will ramp up pressures on leaders to shore up European banks and resolve the sovereign-debt crisis. "Although future policy actions within the euro area could reduce investors' concerns and stabilise funding markets, the opposite is also increasingly possible," Moody's said. The move follows a similar action by Standard & Poor's last month.

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