We missed this yesterday:

4 October 2011, Moody's downgrades Italy to A2, saying "the fragile market sentiment that continues to surround euro area sovereigns with high levels of debt implies materially increased financing costs and funding risks for Italy". Berlusconi promises [2] to cut spending and debt, saying "the Italian government is working with the maximum commitment to achieve its budget objectives."

14 May 2012, Moody's downgrades 26 Italian banks. The ratings agency gives three reasons for doing so, the first of which is:

Increasingly adverse operating conditions, with Italy's economy back in recession and government austerity reducing near-term economic demand.

S&P did the same thing in April [3], downgrading Spain for too much austerity. It's a good thing these organisations aren't hugely important worldwide financial actors, or anything, because "they don't know what they're talking about" [4].