Italy's sovereign debt rating cut by S&P on growth fear

Italian Prime Minister Silvio Berlusconi has rounded on credit ratings agency Standard and Poor's after its shock downgrade of his country's debt.

The agency cited economic, fiscal and political weaknesses for its decision to drop the rating to A/A-1 from a A+/A-1+ grade.

Markets shrugged off the decision, while Mr Berlusconi said the move was influenced by political considerations.

Chris Morris reports.