Fitch downgrades the Province of Florence

Palazzo Medici RiccardiFitch Ratings has affirmed the Italian Province of Florence’s Long-term foreign and local currency ratings at ‘A-‘ and Short-term foreign currency rating at ‘F2’. The Outlooks for the Long-term ratings are Negative, mirroring the Outlook on Italy (‘A-‘/Negative). The rating action affects about EUR115m of debt outstanding at end-2011, as well as future borrowings.

Read more