Silvio Berlusconi, Italy's prime minister, has said that Standard & Poor's decision to downgrade its unsolicited ratings on Italy did not reflect reality and said his government was already preparing measures to spur growth.
The rating agency said it had downgraded Italian debt to "A/A-1" from a "A+/A-1+" grade because of "Italy's weakening economic growth prospects".
It added that Italy's weak governing coalition would "limit the government's ability to respond decisively" to events.
Al Jazeera's Claudio Lavanga reports from Rome.
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