OVERVIEW The Italian City of Milan continues to show "very positive" liquidity, in our view, and we expect the city to successfully cope with a new round of cuts in central government transfers to Italian cities. Milan benefits from a powerful economy with strong tax bases and we assess the city's financial management as "positive" for the rating. We are affirming our 'BBB' long-term rating on Milan. The negative outlook mirrors that on Italy, reflecting the possibility that we could downgrade the city should we downgrade Italy. RATING ACTION On June 20, 2014, Standard&Poor's Ratings Services affirmed its 'BBB' long-term issuer credit rating on the Italian City of Milan. The outlook is negative. RATIONALE The rating on Milan
