The southern Italian region of Campania is improving the quality of service in the healthcare sector, its main area of responsibility, which in our view reduces demand for higher spending. Lower future provisions due to decreased liabilities free up space for additional investments without gross borrowing. We therefore revised our outlook on Campania to positive and affirmed our'BBB+'long-term issuer credit rating. On Nov. 6, 2026, S&P Global Ratings revised its outlook on Italy's Region of Campania to positive from stable and affirmed the'BBB+'long-term issuer credit rating. The positive outlook reflects our expectation that Campania may continue to improve service levels in the healthcare sector, keep up with investments to fund the region's infrastructure needs, and gradually
