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S&P Cuts Italy's Credit Rating

Standard & Poors has cut Italy's credit rating, citing weak economic growth and political uncertainty.

The credit rating agency cut Italy's rating one notch Monday - from A+ to A.

S&P said the country's shaky coalition government and differences in parliament limit Italy's ability to act against its ballooning debt and ability to slash spending.

The agency also gave Italy a negative outlook, forecasting weak economic growth.

Low credit ratings often scare away investors, who see lower-rated government bonds as risky.