We now have better visibility on Campania's future budgetary performance because the region has almost closed the gap against other regions in approving its accounts. Campania is gradually enhancing its expenditure controls, which in our view puts the region in a better position to maintain sound budgetary performance. We are revising our outlook on Campania to positive from stable and affirming the 'BBB-' rating. On Nov. 15, 2019, S&P Global Ratings revised its outlook on the Italian Region of Campania to positive from stable and affirmed the 'BBB-' long-term issuer credit rating. The outlook is positive because we could raise our rating on Campania over the next 24 months if we expect the region's budgetary performance will be stronger than
