Standard&Poor's Ratings Services has affirmed its 'A+' long-term issuer credit rating the Italian City of Milan. The rating reflects Milan's good liquidity position, strong revenue flexibility--even though this is tempered by political unwillingness to use it--wealth indicators--which stand well above the European average--and low contingent liabilities thanks to a healthy public sector with valuable assets. These factors are offset by a high debt burden, which could potentially continue to increase on the back of an ambitious capital program and by a tight, albeit improving, operating margin. Milan has strong liquidity. Its monthly liquidity position stood at €825 million on average over the first half of 2007, mainly boosted by part of the proceeds from the "jumbo bond" (€1.6
