MADRID (S&P Global Ratings) Oct. 28, 2020--S&P Global Ratings said today that its ratings and outlook on integrated rail group Ferrovie dello Stato Italiane (FSI; BBB/Negative/--) are not immediately affected by the revision of the outlook on Italy to stable from negative (see "Italy Outlook Revised To Stable From Negative; Ratings Affirmed At 'BBB/A-2'," published Oct. 23, 2020, on RatingsDirect). The COVID-19 pandemic is placing a huge strain on rail travel and we now expect the recovery will be lengthier than we previously anticipated, particularly in certain business segments more exposed to volume risk (see "European Rail Operators Are On A Slow Train To Recovery," published Oct. 22, 2020). Downside risk to our forecasts could result from further localized lockdowns
