On Dec. 5, 2011, we placed our unsolicited 'A' long-term and 'A-1' short-term ratings on the Republic of Italy on CreditWatch negative. We subsequently placed our long-term 'A-' corporate credit ratings on Atlantia SpA and its Italy-based toll road subsidiary Autostrade per I'Italia SpA (ASPI) on CreditWatch negative on Dec. 8, 2011. On the same date, we affirmed our 'A-2' short-term credit ratings on Atlantia and ASPI. The CreditWatch placement reflects the risk that a two-notch downgrade of Italy could lead us to lower our long-term ratings on Atlantia and ASPI. LONDON (Standard&Poor's) Dec. 12, 2011--As previously announced, on Dec. 8, 2011, Standard&Poor's Ratings Services placed its 'A-' long-term corporate credit and issue ratings on Italy-based
