On April 11, 2025, we raised our long-term sovereign ratings on Italy from 'BBB' to 'BBB+'; the outlook on the long-term rating is stable. We equalize our ratings on Acquirente Unico SpA with the ratings on Italy because we view AU as a government-related entity (GRE) with an almost certain likelihood of receiving extraordinary government support in a scenario of financial distress. We therefore raised our long-term ratings on Acquirente Unico to 'BBB+' from 'BBB'. The stable outlook mirrors that on Italy. On April 16, 2025, S&P Global Ratings raised its long-term issuer credit rating on Acquirente Unico SpA to 'BBB+' from 'BBB'. The outlook is stable. The rating action follows a similar action on Italy (see "Italy Rating Raised
