ROME (AP) — Italy's deputy premier on Saturday brushed off a ratings downgrade and vowed to forge ahead with the government's rule-busting budget as Italy prepared to respond to European Union concerns about its high deficit targets. International credit rating agency Moody's late Friday downgraded Italy's ratings to Baa3, with a stable outlook, citing the "material weakening in Italy's fiscal strength" stemming from the revised budget deficits. The European Commission has already warned Italy that its higher-than-expected targets represent an unprecedented deviation from EU budget rules.Read more on NewsOK.com