OVERVIEW On Dec. 5, 2014, we lowered our unsolicited long-term sovereign credit rating on Italy to 'BBB-' from 'BBB' and assigned a stable outlook. Under our methodology for rating local and regional governments (LRGs), we cap the ratings on Italian LRGs at the level of the long-term rating on the sovereign. We are therefore lowering our long-term rating on the City of Milan to 'BBB-' from 'BBB'. The stable outlook mirrors that on Italy. RATING ACTION On Dec. 12, 2014, Standard&Poor's Ratings Services lowered its long-term issuer credit rating on the Italian City of Milan to 'BBB-' from 'BBB'. The outlook is stable. As defined in EU CRA Regulation 1060/2009 (EU CRA Regulation), the ratings on the Italian
