Italian City of Milan 'BBB-' Rating Affirmed; Outlook Stable

OVERVIEW In our view, Milan will continue to preserve an exceptional liquidity position despite our forecast of a slight weakening of budgetary performance against the positive results stemming from the Expo2015. Milan's contingent liabilities are very low, thanks essentially to a financially healthy government-related entity sector that has often provided the city with extraordinary dividends when needed. We are affirming our 'BBB-' long-term rating on Milan. The stable outlook mirrors that on Italy. RATING ACTION On Sept. 30, 2016, S&P Global Ratings affirmed its 'BBB-' long-term issuer credit rating on the Italian City of Milan. The outlook is stable. RATIONALE The rating on Milan primarily reflects our long-term rating on the Republic of Italy (unsolicited; BBB-/Stable/A-3). We continue to assess

...Overview in our view, Milan will continue to preserve an exceptional liquidity position + despite our forecast of a slight weakening of budgetary performance against the positive results stemming from the expo2015. Milan's contingent liabilities are very low, thanks essentially to a financially + healthy government-related entity sector that has often provided the city with extraordinary dividends when needed. we are affirming our '###-' long-term rating on Milan. + The stable outlook mirrors that on italy. + raTing acTiOn On Sept. 30, 2016, S&P global ratings affirmed its '###-' long-term issuer credit rating on the italian city of Milan. The outlook is stable. raTiOnale The rating on Milan primarily reflects our long-term rating on the republic of italy (unsolicited; ###-/Stable/a-3). we continue to assess Milan's stand-alone credit profile (SacP) at 'a+'. The SacP is not a rating, but rather a means of assessing the intrinsic creditworthiness of a...

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