Italian railway operator Ferrovie dello Stato Italiane (FS Italiane) has shown a strong financial performance since 2013, with a 5% increase in reported EBITDA and lower reported debt than we previously forecast. We are therefore revising upward our assessment of FS Italiane's financial risk profile to "intermediate" from "significant," and revising its stand-alone credit profile upward to 'bbb' from 'bbb-'. We are affirming our 'BBB' issuer credit ratings on FS Italiane, in line with our rating on Italy, the company's sole owner. The outlook is negative, reflecting the outlook on Italy. We could lower our long-term rating on FS Italiane if we were to downgrade Italy. On Sept. 16, 2014, Standard&Poor's Ratings Services affirmed its 'BBB' long-term corporate
