Italy’s top public finance watchdog is investigating cuts that were made to Rome’s sovereign debt ratings in 2011 and 2012

The ratings agencies Moody’s, Standard and Poor’s and Fitch Investor Service downgraded Italy’s creditworthiness, which prosecutors from the Corte dei Conti audit body called unjustified.

One reason – they said – was that the agencies had not taken into account Italy’s rich cultural history and the effect that would have on the economy.

The downgrades came during the depths of the eurozone debt crisis and Italy said they had cost the state over 117 billion euros.

Two of the three agencies said the allegations were “without merit.”