Moody's is expected to raise Italy's sovereign credit rating for the first time in 23 years, further boosting market confidence in the country's finances.

According to the Wisdom Finance APP, analysts believe that Moody's evaluation of Italy on Friday may bring the first rating upgrade in nearly 23 years, reflecting the market's increasing confidence in the public financial situation of the eurozone's third largest economy. The agency raised Italy's rating outlook from stable to positive in May this year, while maintaining the rating at "Baa3" (the lowest investment grade), citing stronger than expected fiscal performance and a more stable political environment.