Campania continues to perform in line with our base-case scenario, which assumes balanced budgets in line with central government requirements. We continue to lack full visibility about Campania's budgetary performance, due to delays in the approval of its accounts. The region is catching up in this regard, however, as well as in the accuracy of the reporting of its cash balances. We are affirming our 'BBB-' long-term rating on Campania. The outlook is stable. On Nov. 16, 2018, 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 reflects our expectation that Campania will pursue its consolidation path, maintaining control over its main expenditure items. It also
