An executive at ratings agency Fitch has said there was a significant chance that Italy would have its credit rating downgraded this month.
David Riley, Fitch's head of global sovereign ratings, cited the lack of a plan to halt the eurozone crisis, coupled with Italy's high debts.
Italy currently holds an A+ rating but last month Fitch placed it on "credit watch negative" which means it could face a downgrade within three months, the BBC reports.
The warning also applied to five other eurozone countries - Spain, Belgium, the Irish Republic, Slovenia and Cyprus.
In December, the agency revised its outlook on France to negative from stable, meaning a downgrade is possible in 12-18 months.
Another Fitch spokesman said he did not foresee a downgrade of France in 2012.