S&P downgrades Italy as Greek austerity row forces global stock markets lower Credit rating agency Standard & Poor's downgraded Italy late on Monday night, on a day when panic gripped global markets as a fresh showdown over Greece renewed fears that the eurozone will be plunged into crisis. The rating for Italy, which has Europe’s second-largest debt load, was lowered from A+, S&P said in a statement. The agency said Italythe country's net general government debt is the highest among A-rated sovereigns, and now expects it to peak later and at a higher level than it previously anticipated. “In our...