Italy has rejected Standard and Poor's (S&P) downgrade of the country's sovereign credit rating to just above junk level, saying the government doesn't share the same concerns as the international credit rating agency.
Economy Minister Pier Carlo Padoan said the country's reform program was getting positive feedback, in the interview with German newspaper Die Welt, according to Dow Jones. But he added that there "continue to be certain concerns how fast this will produce the expected results".
"We are very determined to continue our (reform) program, which the approval of labor market reform clearly shows, and therefore we don't share such concerns," Padoan said, adding that criticism over the speed of Italy's reforms "isn't justified anymore".
Certain changes, he said, such as reform of the labor markets and of the tax system, had already come into effect and more reforms were on the way.