On July 26, 2022, we revised our outlook on Italy to stable from positive and affirmed our 'BBB/A-2' ratings. We equalize our long-term rating on Acquirente Unico SpA with that on Italy, since we see an almost certain likelihood of the company receiving timely and sufficient extraordinary government support in case of financial distress. Consequently, we have revised our outlook on Acquirente Unico to stable from positive and affirmed our 'BBB' long-term issuer credit rating. The stable outlook on Acquirente Unico mirrors that on Italy. On July 28, 2022, S&P Global Ratings revised its outlook on Acquirente Unico SpA to stable from positive and affirmed the 'BBB' long-term issuer credit rating. The outlook revision stems from our rating action on
