Fitch Ratings has affirmed Italy's Long-Term Issuer Default Ratings (IDR) at 'BBB+' with a Stable Outlook. Italy's ratings are underpinned by its large, increasingly diversified and high value-added economy as well as the institutional and financial stability benefits of EU and eurozone membership. The ratings are also supported by high wealth levels and comparatively strong governance indicators. These strengths are offset by a very high government debt burden and limited medium-term growth prospects, which constrain fiscal flexibility and limit debt-reduction capacity. [....]