Mizuho: “Late on Friday S&P affirmed Italy’s rating at BBB Negative. Action was perhaps unlikely given that S&P had previously indicated that they will not rush into drastic rating action, and will focus on the country’s long-term growth potential. ECB buying is expected to cover most new Italian debt issuance due to the pandemic, but S&P noted that the rating could be lowered if debt/GDP fails to shift onto a clearly discernible downward path over the next three years, or if there is a marked deterioration in borrowing conditions. We think these two aspects are likely, but the 3yr timeframe on the former does indicate a desire not to move quickly in taking the rating lower.”