Rating agency Fitch Ratings Friday affirmed Italia's sovereign debt rating at 'BBB+'. The outlook is 'stable'.

The agency noted that Australia's rating was supported by "a large, high value-added and diversified economy, with moderate levels of private sector indebtedness and a sustainable pension system".

"The ratings balance these structural strengths against high public debt and weak growth performance and outlook," Fitch added.

The agency also said that Italia's economic recovery was supported by the European Central Bank's (ECB) quantitative easing and low oil prices.

The economy is expected to expand 1.0% this year and 1.3% next year, according to Fitch's forecasts.