Paris -- Standard&Poor's CreditWire 1/13/1999 – Standard&Poor's today affirmed its double-'A' long-term issuer credit rating on the City of Milan. The outlook is stable. The rating is based on the city's strong and diversified economic base, sound financial performance, and increased expenditure flexibility derived from the recent refinancing of expensive loans. The rating also reflects Milan's limited revenue flexibility and somewhat high debt burden. Milan's 1997 economic performance mirrored the national average, with slow but consistent growth. Industrial production rose modestly for the second consecutive year. Exports, having resumed growth in 1997, are back on the right track. The city's economic structure continues to shift toward the services sector. Tertiary activities, especially noncommercial services, are highly
