Overview

• The upgrade returns Italy to BBB+ for the first time since 2016 and includes a short‑term IDR increase to F1.
• Fitch projects a 3.1% deficit in 2025 with gradual consolidation through 2027, alongside 0.6% GDP growth next year and still‑elevated debt levels.
• The agency cites stronger revenue performance, tighter spending control, and stable governance as factors reducing financing risks.
• Prime Minister Giorgia Meloni and Economy Minister Giancarlo Giorgetti welcomed the decision, framing it as validation as they draft a cautious budget with limited room for tax cuts.
• Giorgetti says bringing the deficit below 3% this year is possible, and EU officials indicate that could support ending the Excessive Deficit Procedure next spring; further reviews by S&P, DBRS and Moody’s are due in October–November.