On April 11, 2025, we raised our unsolicited long-term sovereign credit rating on Italy to 'BBB+' from 'BBB' based on improved external buffers and monetary flexibility. The tight links between the central government and Italian local and regional governments (LRGs) mean we continue to cap the ratings on the Region of Campania at the level of our sovereign ratings on Italy. We therefore raised our long-term ratings on Campania to 'BBB+' from 'BBB'. The stable outlook mirrors that on Italy. On April 18, 2025, S&P Global Ratings raised its long-term issuer credit rating on the Region of Campania from 'BBB' to 'BBB+'. The outlook is stable. As a 'sovereign rating' (as defined in EU CRA Regulation 1060/2009 'EU CRA Regulation'),
