Moody's Investors Service has cut its credit rating on Italy's government bonds from "A2" to "Aa2."

The credit rating agency cited high debt, a weak global economy, and political uncertainties as the reason for the move, the Associated Press reported.

Moody's is also warning that it may cut the ratings of other eurozone countries because of the debt crisis in Europe.

Italy has the eighth largest economy in the world. It's debt is estimated to be 119 percent the size of its economy.

Moody's said it doesn't think Italy is likely to default, but noted the country has needed help from the European Central Bank to get through its debt problems.

Italian government officials say they're not surprise by the downgrade, adding that they're "fully committed" to cutting their budget deficit.