Rising rates pressuring countries' credit ratings, S&P Global warns

A growing group of countries are likely to see their credit ratings come under pressure as rising global interest rates hit already-stretched finances, one of the world's biggest rating agencies, S&P Global, has warned.

A report by the firm on Wednesday said that heavily indebted Italy would face its highest debt bill as a percentage of its GDP since 2012 without European Central Bank help, while Ukraine, Brazil, Egypt, Ghana and Hungary were the most vulnerable emerging market countries.