Standard & Poor's Ratings Services has downgraded Italy's credit rating by one notch, saying it sees weakening economic growth prospects for the nation and higher-than-expected levels of government debt.

Standard & Poor's Ratings Services has indicated the outlook is stable for ISEQ-listed Waterford Wedgwood.

Standard & Poor's Ratings Services affirmed its long-term single-A and short-term A-1 ratings on Vodafone Group PLC and said the outlook is stable, following Vodafone's announcement that it has agreed to acquire BT PLC's and SBC Communications Inc's stakes in French fixed-line and mobile telecommunications company Groupe Cegetel SA for €6.3bn.

THE US junk bond market is showing signs of life as bond prices edge up and more companies conduct sales.