(Adds details) MILAN, May 15 (Reuters) – Standard & amp; Poor’s confirmed its long-term sovereign rating on Italy to BBB-, the lowest investment grade, with a stable outlook. In a note, explaining the agency to see a recovery well underway in 2015, with an estimate of GDP this year to 0.4% and the forecast of an average growth rate of 1% on two-year period 2016-2017. Positive judgment of S & amp; P on government Renzi, with the approval dell’Italicum that “could improve the efficiency of the legislative process.” The agency also recognizes that the new electoral law along with the interventions in the labor market and on the banks witness the determination of the executive to pursue the implementation of its structural reform program, considered crucial for keeping the rating. According to Citi strategist Alessandro Tentori, considered the improvement of the business environment for today were not expected unfavorable actions. “Of course we must emphasize that the growth remains in Italian absolute weak, compared for example to Spain. We are also behind on issues such as the bad bank or the bad debts: are all elements on which market and institutions continue to be questions, “he says. JUDGMENT OF PENSIONS complicates OBJECTIVES BUDGET S & amp; P Remains vigilant on public accounts, especially in light of the ruling of the consultation against the freeze in the indexation of pensions. More …
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