MADRID (Standard&Poor's) Jan. 15, 2003--Standard&Poor's Ratings Services said today that, following the revision of its outlook on the Republic of Italy to negative from stable (see today's related media release on RatingsDirect, Standard&Poor's Web-based credit analysis system), it has reviewed, on a case-by-case basis, all Italian local and regional governments rated 'AA' and above, in order to determine the impact of this decision on their ratings. As a result of this review, Standard&Poor's has taken the following ratings actions: -- Revised to negative from stable its outlook on the Cities of Milan, Venice, Florence, and Bologna. The 'AA' long-term issuer credit rating on all of these cities was affirmed; -- Left unchanged