We believe Milan will maintain sound financial performance and very high cash reserves through 2019, thanks to its strong tax bases, its financially healthy government-related entities, and management's fiscal discipline. Due to the tight links between Italy and all Italian cities, we continue to cap our ratings on Milan at the level of our current long-term rating on Italy. We are therefore affirming our 'BBB-' long-term rating on Milan. The stable outlook mirrors that on Italy. On March 31, 2017, S&P Global Ratings affirmed its 'BBB-' long?term issuer rating on the Italian City of Milan. The outlook remains stable. The stable outlook reflects that on Italy. If we downgraded Italy, we would downgrade Milan. We would raise our rating on
