"Talk about kicking a man when he's down. Moody's ( the rating agency)yesterday downgraded the credit rating of L'Aquila, the Italian city, from A1 to Ba1 and placed it on review for possible further downgrades after last month's devastating earthquake. The agency said: "Moody's views these developments as affecting the city's ability to meet its financial obligations on a timely basis." Well, it's an accurate assessment, albeit a rather cold and clinical one."
(Times, 13 May) RD
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