“The negative outlook reflects our belief that there is at least a one-in-three chance that we could lower the ratings, either this year or in 2015,” S&P said.

Despite S&P’s concerns over Italian debt, benchmark 10-year Italian treasuries touched a record low 2.72% earlier Friday after the European Central Bank revealed an unprecedented round of easing measures Thursday.

The leveraged PowerShares DB 3x Italian Treasury Bond Futures ETN (NYSEArca: ITLT) is up 27.6% year-to-date while the unleveraged PowerShares DB Italian Treasury Bond Futures ETN (NYSEArca: ITLY) is 9.2% higher. [Italian Bond ETNs Surge as Yields Hit Eurozone-Era Low]

iShares MSCI Italy Capped ETF

For more information on Italy, visit our Italy category.

Max Chen contributed to this article.