On Dec. 5, 2014, we lowered our long-term rating on the Republic of Italy to 'BBB-' from 'BBB'. In accordance with our criteria for rating government-related entities, we are lowering our long-term rating on Italian rail operator Ferrovie dello Stato Italiane to 'BBB-' from 'BBB'. The stable outlook mirrors that on Italy. On Dec. 12, 2014, Standard&Poor's Ratings Services lowered its long-term corporate credit rating on Italian railway operator Ferrovie dello Stato Italiane (FSI) to 'BBB-' from 'BBB'. The outlook is stable. We also lowered the long-term rating on FSI's senior unsecured debt to 'BBB-' from 'BBB'. The rating actions follow the downgrade of Italy on Dec. 5, 2014 (see "Ratings On Italy Lowered To 'BBB-/A-3'; Outlook Stable,"
