We expect Milan's sound financial performance and high cash reserves will keep debt levels on a slight declining trend in absolute terms, given the city's role as Italy's leading business and financial center. Due to the tight links between Italian cities and the central government, we continue to cap our ratings on Milan at the level of our current long-term rating on Italy. We are therefore affirming our 'BBB' long-term ratings on Milan. The stable outlook mirrors that on Italy. On March 30, 2018, S&P Global Ratings affirmed its 'BBB' long?term issuer credit ratings on the Italian city of Milan. The outlook remains stable. Given that our ratings on Milan are capped by our ratings on Italy (unsolicited; BBB/Stable/A-2), the
