On April 18, 2025, S&P Global Ratings raised its long-term rating on Italy's City of Milan by one notch to ?BBB+?, with a stable outlook, following a similar rating action on our unsolicited sovereign rating on Italy. We view Italy-based airport operator SEA as a government-related entity (GRE), benefiting from a moderate likelihood of extraordinary support, if needed; Milan owns 54.8% of SEA, but we consider the company to have a limited link with the city and the likelihood of negative intervention from the city to be low. With its strong liquidity buffer and superior stand-alone credit profile (SACP), which we assess at 'a+', we rate SEA two notches above the city of Milan. Therefore, we raised our long-term ratings
