Explanation: 'cum laude' or 'con lode'.
'MA' means 'Master of Arts'.
I believe there are two important points to make:
1) that it can be in arts/humanities subject (in fact at Cambridge University almost all degrees, including in natural sciences, are '...of Arts');
2) that it is a postgraduate degree, and therefore superior to the Italian new format 'laurea di primo livello'. I would say it is nearer to the 'laurea specializzata' or 'laurea di secondo livello'. It needs to be made clear that it is better than a normal undergraduate degree.
-------------------------------------------------- Note added at 2 hrs (2009-11-08 12:05:44 GMT) --------------------------------------------------
note 1 should read "it can be in ANY arts/humanities subject...", including history, literature, languages, philosopy, art history, etc.