OVERVIEW The sound financial performance and continuously high cash reserves of Milan, Italy's leading business and financial center, will help it to maintain slightly declining debt in absolute terms, despite the city's gross borrowing for 2018 being higher than we expected. Due to the tight links between Italy and all Italian cities, 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 rating on Milan. The negative outlook mirrors that on Italy. RATING ACTION On March 29, 2019, S&P Global Ratings affirmed its 'BBB' long-term ratings on the Italian city of Milan. The outlook on the rating remains negative. OUTLOOK Because the rating on Milan
