The Italian City of Milan continues to show "very positive" liquidity, in our view, and we expect the city to successfully cope with a new round of cuts in central government transfers to Italian cities. Milan benefits from a powerful economy with strong tax bases and we assess the city's financial management as "positive" for the rating. We are affirming our 'BBB' long-term rating on Milan. The negative outlook mirrors that on Italy, reflecting the possibility that we could downgrade the city should we downgrade Italy. On June 20, 2014, Standard&Poor's Ratings Services affirmed its 'BBB' long-term issuer credit rating on the Italian City of Milan. The outlook is negative. The rating on Milan primarily reflects our long-term
