安融（香港）評級確認義大利共和國2024年主權信用評級“BBB”國際評級；展望:穩定
安融（香港）評級確認義大利共和國2024年主權信用評級“BBB”國際評級；展望:穩定
30.12.2024
2024年12月30日，中國香港。安融（香港）評級確認義大利共和國（簡稱“義大利”）的長期主體評級為“BBB”，展望為“穩定”。
評級結果肯定了義大利經濟規模龐大且國民收入水準較高，經濟結構多元化且工業基礎十分雄厚；居民財富規模較大且居民負債率較低；國際收支狀況長期保持良好，貨幣地位較高，同時也關注了義大利經濟增長率很低，疫後復蘇進程較為緩慢；政府債務負擔很重，一般政府負債率長期位於150%以上；政治穩定性相對較低，政府政策的一致性與延續性受到負面影響等風險要素。
關鍵評級觀點
優勢
義大利經濟規模龐大且國民收入水準較高，經濟結構多元化且工業基礎十分雄厚；
義大利居民財富規模較大且居民負債率較低；
義大利國際收支狀況長期保持良好，貨幣地位較高。
關注
義大利經濟增長率很低，疫後復蘇進程較為緩慢；
義大利政府債務負擔很重，一般政府負債率長期位於150%以上；
義大利政治穩定性相對較低，政府政策的一致性與延續性受到負面影響。
評級展望
義大利經濟增速有望持續復蘇，通脹壓力或得到有效控制，政局穩定性有望得到修復。綜合考慮，安融（香港）評級授予義大利的信用評級展望為穩定。
注：
1、上述評級均為主動評級。
2、本文譯自英文版新聞稿。若有分歧，以英文版為准。
專案組組員
林芮礽，分析師
評審委員會主任
胡超
Huchao@arrating.com
媒體聯繫
complaints@arrating.com
評級服務聯繫
林芮礽
相關信用評級委員會召開日期：2024年12月30日
若欲獲取進一步的資訊，敬請訪問www.arrating.com
相關的評級方法和模型
《主權信用評級方法和模型》（2024年11月28日）
免責條款
本次評級依據評級對象已經正式對外公佈的資訊，相關資訊的合法性、真實性、完整性、準確性和及時性由評級對象及其資訊發佈方負責。安融(香港)評級按照相關性、及時性、可靠性的原則對評級資訊進行了審慎分析，但對上述資訊的合法性、真實性、完整性、準確性和及時性不作任何保證。評級結果未考慮無法獲取的可能對信用等級有重要影響的非公開資料。
本報告對評級對象信用狀況的任何表述和判斷僅作為相關決策參考之用，並不意味著安融(香港)評級實質性建議任何使用者據本報告採取投資、借貸和交易等行為，也不能作為使用者購買、出售或持有相關金融產品的依據。在任何情況下，安融(香港)評級、安融(香港)評級董事、股東、雇員、代表不對任何投資者（包括機構投資者和個人投資者）使用本報告所表述的安融(香港)評級的分析結果而出現的任何損害、開支、費用或損失承擔任何責任，亦不對被評對象或其發行人使用本報告或將本報告提供給其他方所產生的任何後果承擔任何責任。
ARHK Affirms ‘BBB’ International Rating to The Republic of Italy, Outlook Stable
30 December 2024
Hong Kong, December 30, 2024. ARHK has affirmed an international scale long-term issuer credit rating of ‘BBB’ to The Republic of Italy (hereinafter referred to as ‘Italy’), with a stable outlook.
The rating results confirm that Italy has a large economic scale and a high level of national income, with a diversified economic structure and robust industrial foundation. Residents have a large scale of wealth paired with low levels of debt. It maintains a strong balance of payments over the long term, and its currency is highly valued in the global market. However, Italy’s rating highlights concerns regarding several risk factors. Italy’s economic growth rate is very low, and the recovery process after the pandemic is relatively slow. Italy has a high government debt burden, with the general government’s debt ratio exceeding 150% in the long term. Additionally, Italy has a relatively low level of political stability, which negatively affects the consistency and continuity of government policies.
KEY RATING PERSPECTIVES
Strengths
Italy has a large economic scale and a high level of national income, with a diversified economic structure and robust industrial foundation.
Italy’s residents have a large scale of wealth paired with low levels of debt.
Italy maintains a strong balance of payments over the long term, and its currency is highly valued in the global market.
Weaknesses
Italy’s economic growth rate is very low, and the recovery process after the pandemic is relatively slow.
Italy has a high government debt burden, with the general government’s debt ratio exceeding 150% in the long term.
Italy has a relatively low level of political stability, which negatively affects the consistency and continuity of government policies.
RATING OUTLOOK
Italy’s economic growth is expected to continue to recover, inflationary pressures may be effectively controlled, and political stability is expected to be fixed. Taking all factors into consideration, ARHK assigns a stable outlook to the credit rating of Italy.
NOTE:
1. The above ratings are all unsolicited credit ratings.
2. The Chinese version of this article is translated from the English version of the press release. In case of discrepancies, the English version shall prevail.
ANALYST CONTACTS
Analyst
Lam Yui Ying
Committee Chair
James Hu
Media Contact
Rating Services Contact
Lam Yui Ying
Date of Relevant Rating Committee: 30 December 2024
Additional information is available on www.arrating.com
Related Criteria
Sovereign Credit Rating Methods and Models (28 November 2024)
DISCLAIMER
This rating is based on information officially released to the public by the rated objects. The legality, authenticity, completeness, accuracy, and timeliness of the relevant information are the responsibility of the rated objects and its information publishers. ARHK has conducted a prudent analysis of the rating information based on the principles of relevance, timeliness, and reliability, but does not guarantee the legality, authenticity, completeness, accuracy, and timeliness of the above information. The rating results did not take into account non-public information that may have a significant impact on the credit rating and could not be obtained.
Any statements and judgments regarding the credit status of the rated objects in this report are only for reference in relevant decision-making and do not imply that ARHK substantively recommends any user to invest, borrow or lend money, and trade based on this report, nor can they be used as a basis for users to purchase, sell, or hold related financial products. Under no circumstances shall ARHK, as well as its directors, shareholders, employees, or representatives be liable for any damages, expenses, costs, or losses incurred by any investor (including institutional and individual investors) as a result of using the analysis results presented in this report, nor shall they be liable for any consequences arising from the use of this report by the rated objects or their issuers or providing this report to other parties.