S&P announced Friday it was maintaining the debt rating for Italy at BBB amid budget pressures from coronavirus lockdowns and financing backstops provided by the European Central Bank. However, the outlook is negative, and S&P said it could lower the grade if the government debt situation deteriorates. "We expect that most of the Italian sovereign debt newly created this year as a consequence of the pandemic will be purchased by the ECB," the ratings agency said in a statement. "At present, the ECB's current financing backstop enables Italy to refinance its debt at real interest rates of around 0 percent." hs/acb