On June 28, 2019, S&P Global Ratings withdrew its 'BBB' long-term issuer credit rating on the Italian City of Milan at the city's request. At the time of the withdrawal, the outlook was negative. As a "sovereign rating" (as defined in EU CRA Regulation 1060/2009 "EU CRA Regulation"), the ratings on Milan are subject to certain publication restrictions set out in Art 8a of the EU CRA Regulation, including publication in accordance with a pre-established calendar (see "Calendar Of 2019 EMEA Sovereign, Regional, And Local Government Rating Publication Dates," published Dec. 21, 2018, on RatingsDirect). Under the EU CRA Regulation, deviations from the announced calendar are allowed only in limited circumstances and must be accompanied by a detailed explanation of
