In our view, Milan will continue to preserve an exceptional liquidity position despite our forecast of a slight weakening of budgetary performance against the positive results stemming from the Expo2015. Milan's contingent liabilities are very low, thanks essentially to a financially healthy government-related entity sector that has often provided the city with extraordinary dividends when needed. We are affirming our 'BBB-' long-term rating on Milan. The stable outlook mirrors that on Italy. On Sept. 30, 2016, S&P Global Ratings 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 continue to assess Milan's stand-alone credit profile
