Moody’s Investors Service has lowered Italy’s sovereign credit rating by three levels to A2 from Aa2 and maintained a negative outlook on the rating.

The agency cut Italy’s credit rating on Tuesday mainly due to a rise in Italy’s long-term funding risks.

Moody’s said in a statement that “the negative outlook reflects ongoing economic and financial risks in Italy and in the euro area.”

The recent decision comes after Standard & Poor’s downgraded Italy’s credit rating to A/A-1 on foreign and local long-term debt on September 19th.