In our view, the Italian City of Milan's strong economy and sound tax bases support its budgetary performance. Milan continues to show exceptional liquidity and very good payment rates and its contingent liabilities are low, thanks to a financially healthy government-related entity sector that has often provided the city with extraordinary dividends in times of need. We are affirming our 'BBB-' long-term rating on Milan. The stable outlook mirrors that on Italy. On Oct. 16, 2015, Standard&Poor's Ratings Services affirmed its 'BBB-' long-term issuer credit rating on the Italian City of Milan. The outlook is stable. The rating on Milan primarily reflects our long-term rating on the Republic of Italy (unsolicited; BBB-/Stable/A-3). We cap our rating on Milan
