By Marcus Leach

The ongoing European debt crisis took another turn for the worse as Italy had its sovereign debt rating cut by Standard & Poor's (S&P).

According to S&P the outlook for Italy is negative, as the rating was cut from A+ to A.

The credit rating agency cited fears over the country's ability to cut state spending and bring finances in order as they cut the rating.

Italy said the move had been influenced by "political considerations".

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