Italy's credit downgraded by Moody's today

Italy's credit was downgraded by Moody's today from Aa2 to A2. This comes with a 'negative outlook' that suggests more rating cuts in the future. The cut came in light of the debt crisis, increased downside risks, and overall weakening economy outlook. What are your thoughts on Italy's credit rating downgrade today?

Italy's downgrade comes the same day Amanda Knox is released from Italy into the US..coincidence? Just kidding. Italy could be seeing some inflation and more monetary woes for the Euro zone. This is coming after another rating agency's downgrade too.