Fitch Ratings affirmed Italy's rating at 'A-' with a negative outlook on Friday.
According to Fitch, the "progress with fiscal consolidation and structural reform in 2012" is broadly in line with Fitch's expectation. The economy is to grow since the 2nd half of 2013.
"The budget deficit this year will be below 3% of GDP, implying a primary surplus close to 3%. The budget deficit has gradually declined from a peak of 5.4% in 2009."
Fitch also highlights the "low contingent fiscal risks from the banking sector," and a "Italian sovereign has demonstrated its financing flexibility and resilience during the crisis reflecting a strong domestic investor base."