...The affirmation of Azienda Trasporti Milanesi SpA's (ATM) ratings reflects Fitch Ratings' expectations that the company's leverage will remain commensurate with a Standalone Credit Profile (SCP) of `a' between 2026 and 2030. The company's Long-Term Issuer Default Rating (IDR) is capped by the City of Milan's `BBB+' rating due to its credit linkage with ATM, as the latter is largely influenced by the controlling government. The affirmation also reflects Fitch's unchanged view that Milan would be `Extremely Likely' to provide ATM with extraordinary support, given its responsibility and strong incentive to support the issuer....
