We view Italian City of Milan's liquidity position as "very positive", with strong tax bases that benefit from a powerful economy. We think the city's management is "positive" and that the city has good financial flexibility. We think Milan will displayed tight financial performances in 2013-2014, along with high tax-supported debt. We are affirming our 'BBB+' rating on Milan. The negative outlook mirrors that on Italy, reflecting the possibility that we could lower the rating on the city should we further lower our ratings on Italy. On Dec. 28, 2012, 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
