Italy’s credit rating was cut one level by Fitch Ratings as an inconclusive election in February produced political paralysis that threatens the country’s ability to respond to a recession and the European debt crisis. The rating company lowered Italy’s government bond rating to BBB+ from A- with a NEGATIVE outlook, according to a statement released late Friday. That’s three levels above junk and one higher than Spain, according to data compiled by BBG. / Slightly negative for Komercni banka that kept exposure to Italian bonds at CZK 7.5 bln. CZK. KOMB CEO said the bank “would consider” selling Italian bonds during 4Q12 results.