On Oct. 26, 2018, we revised to our outlook on Italy to negative from stable. We cap our long-term ratings on all Italian local and regional governments at the level of the unsolicited long-term rating on Italy. As a result, we are revising our outlook on the City of Milan to negative from stable, and affirming our 'BBB' rating. On Nov. 2, 2018, S&P Global Ratings revised its outlook on the City of Milan to negative from stable. We also affirmed our 'BBB' long-term issuer credit rating on Milan. As a 'sovereign rating' (as defined in EU CRA Regulation 1060/2009 'EU CRA Regulation'), the rating on the City of Milan is subject to certain publication restrictions set out in Art
