S&P’s downgraded the credit rating of Florence

Standard and Poor’s downgraded the credit ratings of 13 major Italian local governments, including the city of Florence. Other cities involved are Rome, Milan, Bologna and Genoa.

The move follows S&P’s January 13 decision to downgrade Italy’s sovereign rating from A to BBB+. It is in line with its method of generally not giving local governments a higher rating after the central government was downgraded.