Italian Railway Operator Ferrovie dello Stato Italiane Downgraded To 'BBB-' Following Downgrade Of Italy; Outlook Stable

On Dec. 5, 2014, we lowered our long-term rating on the Republic of Italy to 'BBB-' from 'BBB'. In accordance with our criteria for rating government-related entities, we are lowering our long-term rating on Italian rail operator Ferrovie dello Stato Italiane to 'BBB-' from 'BBB'. The stable outlook mirrors that on Italy. LONDON (Standard&Poor's) Dec. 12, 2014--Standard&Poor's Ratings Services said today that it lowered its long-term corporate credit rating on Italian railway operator Ferrovie dello Stato Italiane (FSI) to 'BBB-' from 'BBB'. The outlook is stable. We also lowered the long-term rating on FSI's senior unsecured debt to 'BBB-' from 'BBB'. The rating actions follow the downgrade of Italy on Dec. 5, 2014 (see "Ratings On

...+ On Dec. 5, 2014, we lowered our long-term rating on the Republic of Italy to '###-' from '###'. + In accordance with our criteria for rating government-related entities, we are lowering our long-term rating on Italian rail operator Ferrovie dello Stato Italiane to '###-' from '###'. + The stable outlook mirrors that on Italy. LONDON (Standard & Poor's) Dec. 12, 2014--Standard & Poor's Ratings Services said today that it lowered its long-term corporate credit rating on Italian railway operator Ferrovie dello Stato Italiane (FSI) to '###-' from '###'. The outlook is stable. We also lowered the long-term rating on FSI's senior unsecured debt to '###-' from '###'. The rating actions follow the downgrade of Italy on Dec. 5, 2014 (see "Ratings On Italy Lowered To '###-/A-3'; Outlook Stable," published on RatingsDirect). We consider FSI to be a government-related entity (GRE) because it is fully owned by the Italian government, and is the manager of the national rail infrastructure, passenger...

Ratings Action