The Bad News is: Italy has slipped to 5th Place, behind Spain, Brazil, Netherlands, and Portugal.
The Good News is Germany in 6th, England in 7th, France is in 8th

World Cup 2010: Italy Drop To Fifth In FIFA Rankings
While the top three remain the same, there have been a number of movers and shakers in the latest FIFA rankings...
Goal.com; By Salvatore Landolina; Mar 31, 2010 

Italy have slipped down a place in the world rankings, dropping from fourth to fifth place, FIFA has revealed on its official website.

European champions Spain are still first, followed by Brazil and the Netherlands.

Portugal have overtaken Italy after jumping two places from sixth to fourth. 

Germany have dropped one place into sixth, while England climb a place into seventh after exchanging places with France. 

Croatia are back in the top 10 after gaining a place.

Australia are the big movers after jumping four places to get themselves into 19th place. 

Italy's World Cup defence begins on June 14 against Paraguay. But they clash with Switzerland in a pre-tournament friendly on June 5 in Geneva.

http://goal.com/en/news/1863/world-cup-2010/2010/03/31/
1857453/world-cup-2010-italy-drop-to-fifth-in-fifa-rankings

The ANNOTICO Reports Can be Viewed (With Archives) on:
[Formerly Italy at St Louis]