Italy's one-year borrowing costs reach 1-month high following S&P

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Source: Reuters
© Scanpix\Reuters
Italy's one-year borrowing costs advanced to the highest level in four months at an auction, a day after the Standard & Poor's snapped Italian sovereign credit rating to two notches over junk. The Treasury auctioned one-year bonds worth of 7 billion euros, paying a yield of 1.078%. Italy's sovereign debt was cut from BBB-plus to BBB by S&P on concerns about slowdown in the nation's economy.
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