On Oct. 26, 2018, we revised our outlook on Italy to negative from stable. We equalize our long-term rating on Acquirente Unico with that on Italy, reflecting an almost certain likelihood of timely and sufficient extraordinary support from the government. Consequently, we are revising our outlook on Acquirente Unico to negative from stable and affirming our 'BBB' issuer credit ratings on Acquirente Unico. The negative outlook mirrors that on Italy. On Oct. 30, 2018, S&P Global Ratings revised its outlook on Acquirente Unico SpA to negative from stable. The 'BBB' long-term issuer credit rating was affirmed. The revision of the outlook on Acquirente Unico reflects our similar action on Italy on Oct. 26, 2018 (see "Outlook On Italy Revised To
