Italy 1-yr debt yields climb to highest since Dec. after downgrade

MILAN, March 12 | Tue Mar 12, 2013 6:13am EDT

MILAN, March 12 (Reuters) - Italy's one-year borrowing costs rose to their highest since mid-December on Tuesday at the first debt sale for the country after Fitch's downgrade of its sovereign rating to BBB-plus.

Rome sold the planned 7.75 billion euros of its bills maturing on March 14, 2014, paying a interest rate of 1.28 percent, up from 1.09 percent at a similar sale one month ago.

On Tuesday, Spain paid a yield of 1.36 percent to issue one-year bills, just 8 basis points over Italian interest rates, showing investors are asking Madrid a smaller premium over the Italian debt after Rome's inconclusive vote.

On Friday Fitch lowered Italy's sovereign rating by one notch to BBB-plus, with a negative outlook, raising the risk its next ratings change will be a further downgrade.

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