OVERVIEW We raised our unsolicited ratings on Italy to 'BBB/A-2' from 'BBB-/A-3' on Oct. 27, 2017, and assigned a stable outlook. We cap our long-term ratings on Italian local and regional governments, including Milan, at the level of the long-term rating on Italy. As a result, we are raising our long-term rating on Milan to 'BBB' from 'BBB-'. The stable outlook on Milan mirrors that on Italy. RATING ACTION On Nov. 10, 2017, S&P Global Ratings raised its long-term issuer credit rating on the City of Milan to 'BBB' from 'BBB-'. The outlook is stable. As a "sovereign rating" (as defined in EU CRA Regulation 1060/2009 "EU CRA Regulation"), the rating on the City of Milan is subject to certain
