Campania continues to work toward improved financial reporting, which should lead to timely approval of its annual accounts. We acknowledge Campania's tighter cost control on the back of the reduced gap between cash at its treasury bank and on its regional accounts. We think the visibility on risks linked to current litigation and to potential off-balance-sheet liabilities has improved. We are affirming our 'BBB-' long-term rating on Campania. The outlook is stable. On Nov. 17, 2017, S&P Global Ratings affirmed its 'BBB-' long-term issuer credit rating on the Italian Region of Campania. The outlook is stable. The stable outlook on Campania reflects our expectations that the current administration will continue to pursue its fiscal consolidation path, posting positive and stable
