We are assigning our 'BBB' long-term corporate credit rating to Italian railway operator Ferrovie dello Stato Italiane (FS Italiane). We are also assigning our 'BBB' issue rating to FS Italiane's proposed €4.5 billion senior unsecured Euro Medium-Term Note program. The negative outlook on FS Italiane reflects that on the sovereign, and the risk that we could lower our long-term rating on FS Italiane if we downgrade Italy. On July 10, 2013, Standard&Poor's Ratings Services assigned its 'BBB' long-term corporate credit rating to Italian railway group Ferrovie dello Stato Italiane SpA (FS Italiane). The outlook is negative. At the same time, we assigned a 'BBB' issue rating to FS Italiane's proposed €4.5 billion senior unsecured Euro Medium-Term Note (EMTN)
