The Italian City of Milan's budgetary performance is affected by dwindling operating revenues and ambitious investments over 2010-2012, which we expect to lead to operating deficits. However, we anticipate that Milan's liquidity will remain strong. We are affirming our long-term rating on the city of Milan at 'A+'. The negative outlook reflects the deterioration of Milan's budgetary performance and debt increase in recent years. This trend is expected to continue. MILAN (Standard&Poor's) Oct. 4, 2010-- Standard&Poor's Ratings Services said today that it had affirmed its 'A+' long-term issuer credit rating on the Italian City of Milan. The outlook is negative. "Milan's rating reflects the city's currently very strong cash holdings coupled with our expectation that liquidity
