Research Update: City of Milan Assigned 'BBB' Long-Term Rating; Outlook Stable

The city of Milan, in Italy's northern region of Lombardy, is the country's most dynamic and affluent city, boasting a GDP per capita that is nearly double the national average. Debt levels are high, both in national and international comparisons, following the city's investment in mobility and transportation, social housing, and infrastructure. However, Milan consistently displays strong budgetary performance, bolstered by strong revenue growth. It effectively accommodates the rising service demands of a growing population within the framework of stringent fiscal rules that restrict spending. As a result, we assigned our 'BBB' long-term foreign and local currency ratings to Milan. The outlook is stable. On March 14, 2025, S&P Global Ratings assigned its 'BBB' long-term issuer credit ratings to the

...- The city of Milan, in Italy's northern region of Lombardy, is the country's most dynamic and affluent city, boasting a GDP per capita that is nearly double the national average. - Debt levels are high, both in national and international comparisons, following the city's investment in mobility and transportation, social housing, and infrastructure. - However, Milan consistently displays strong budgetary performance, bolstered by strong revenue growth. It effectively accommodates the rising service demands of a growing population within the framework of stringent fiscal rules that restrict spending. - As a result, we assigned our '###' long-term foreign and local currency ratings to Milan. - The outlook is stable....

Research Update