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Italian government plans could boost CDP debt, Fitch says

Rating agency warns that rapid repayments could hurt agency

04 March, 19:05
Italian government plans could boost CDP debt, Fitch says (ANSA) - Rome, March 4 - Plans by Premier Matteo Renzi to use Italy's national deposits and loans fund - the Cassa Depositi e Prestiti (CDP) - for purposes including rapid repayment of government bills could put the CDP bond rating under pressure, ratings agency Fitch warned on Tuesday.

"Plans to use...CDP to accelerate repayment of Italian public sector arrears could put pressure on CDP rating if it eventually increases its non-government guaranteed debt level," the agency said in a statement.

Last year, former premier Enrico Letta pledged to pay off 20 billion euros in outstanding bills in 2013 with another 20 billion euros to be repaid in 2014.

His successor Renzi last week said that paying all government bills owed to business was the first priority of his administration to help revive the economy.

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