City of Milan 'BBB' Ratings Affirmed; Outlook Stable

OVERVIEW We expect Milan's sound financial performance and high cash reserves will keep debt levels on a slight declining trend in absolute terms, given the city's role as Italy's leading business and financial center. Due to the tight links between Italian cities and the central government, we continue to cap our ratings on Milan at the level of our current long-term rating on Italy. We are therefore affirming our 'BBB' long-term ratings on Milan. The stable outlook mirrors that on Italy. RATING ACTION On March 30, 2018, S&P Global Ratings affirmed its 'BBB' long?term issuer credit ratings on the Italian city of Milan. The outlook remains stable. OUTLOOK Given that our ratings on Milan are capped by our ratings on

...Overview we expect Milan's sound financial performance and high cash reserves will keep + debt levels on a slight declining trend in absolute terms, given the city's role as italy's leading business and financial center. Due to the tight links between italian cities and the central government, we + continue to cap our ratings on Milan at the level of our current long-term rating on italy. we are therefore affirming our '###' long-term ratings on Milan. + The stable outlook mirrors that on italy. + raTing acTiOn On March 30, 2018, S&P global ratings affirmed its '###' longterm issuer credit ratings on the italian city of Milan. The outlook remains stable. OuTlOOk given that our ratings on Milan are capped by our ratings on italy (unsolicited; ###/Stable/a-2), the stable outlook on the city reflects our outlook on italy. Downside Scenario...

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