On July 9, 2013, we lowered our unsolicited long-term sovereign rating on Italy to 'BBB' from 'BBB+'. Under our methodology, we cap the ratings on local and regional governments at the level of our long-term rating on Italy. We are therefore lowering our long-term rating on the Italian City of Milan to 'BBB' from 'BBB+'. The negative outlook mirrors that on Italy, reflecting the possibility that we could lower the rating on Milan should we lower our ratings on Italy. On July 16, 2013, Standard&Poor's Ratings Services lowered its long-term issuer credit rating on the Italian City of Milan to 'BBB' from 'BBB+'. The outlook is negative. The rating action reflects the lowering of the unsolicited long-term rating
