Research Update: Ferrovie dello Stato Italiane Outlook Revised To Positive In Line With Italian Sovereign; 'BBB' Rating Affirmed

On Oct. 22, 2021, we revised our outlook on Italy to positive from stable, reflecting our forecast of a strong investment-led recovery in 2021 and 2022, and the clear strengthening of the state's commitment to pro-growth reforms. Italian state-owned rail and transportation group Ferrovie dello Stato Italiane SpA (FSI) is playing an integral role in the government's allocation of resources from the NextGenerationEU Recovery Plan (€24.8 billion dedicated to rail infrastructure) and has been granted €1.04 billion of extraordinary state support to mitigate the impact of the COVID-19 pandemic. This reinforces our view of an extremely high likelihood of support to FSI from the Italian government and we continue to cap our long-term rating on FSI at the level of

...- On Oct. 22, 2021, we revised our outlook on Italy to positive from stable, reflecting our forecast of a strong investment-led recovery in 2021 and 2022, and the clear strengthening of the state's commitment to pro-growth reforms. - Italian state-owned rail and transportation group Ferrovie dello Stato Italiane SpA (FSI) is playing an integral role in the government's allocation of resources from the NextGenerationEU Recovery Plan (24.8 billion dedicated to rail infrastructure) and has been granted 1.04 billion of extraordinary state support to mitigate the impact of the COVID-19 pandemic. - This reinforces our view of an extremely high likelihood of support to FSI from the Italian government and we continue to cap our long-term rating on FSI at the level of our unsolicited long-term '###' sovereign rating on Italy. - We revised our outlook on FSI to positive from negative, aligning it with the outlook on the sovereign. Due to an error, we had not aligned the previous outlook to that on...

Research Update