We believe that the Region of Campania is well shielded from the COVID-19 pandemic, thanks to the central government's prompt intervention; we only anticipate a minor reduction of operating margins and a temporary use of its liquidity line. Campania's management has actively worked toward an effective improvement of the regional accounts. The region has substantially closed the gap compared with other regions in approving its accounts, and is gradually enhancing its expenditure controls. We are therefore affirming our 'BBB-' long-term issuer credit rating on Campania; the outlook remains positive. On May 15, 2020, S&P Global Ratings affirmed its 'BBB-' long-term issuer credit rating on the Italian Region of Campania. The outlook is positive. The positive outlook reflects our expectation that
