Standard & Poor's Ratings Services revised its outlook on the Republic of Italy today to negative from stable,
and affirmed its unsolicited 'A+/A-1+' credit ratings on the Italian sovereign (for further details about our sovereign action, see "Republic Of Italy
Outlook Revised To Negative On Risk Of Persistent High Debt Ratio; 'A+/A-1+' Ratings Affirmed," published today on RatingsDirect on the Global Credit
Portal).
We believe that this action could have a negative impact on the creditworthiness of the Italian local and regional governments (LRGs) we rate
whose ratings are currently the same as the sovereign ratings, namely:
- Province of Ancona (A+/Stable/--)
- City of Bologna (A+/Stable/--)
- Province of Mantova (A+/Stable/--)
- Region of Marches (A+/Stable/--)
- Province of Rome (A+/Stable/--)
- Region of Sicily (A+/Stable/--)
- Region of Emilia-Romagna (A+/Stable/--)
- Autonomous Region of Friuli-Venezia Giulia (A+/Stable/--)
- City of Genoa (A+/Stable/--)
- City of Liguria (A+/Stable/--)
- City of Lucca (A+/Stable/--)
- Region of Umbria (A+/Stable/--)
We also believe the sovereign outlook revision could have a negative impact on the creditworthiness of Italy's public postal provider Poste Italiane Group
(A/Stable/A-1), which the Italian government fully owns.
We expect to publish a more detailed analysis of any impact of our sovereign rating action on the credit ratings on these entities as soon as permitted to
do so under applicable EU law. The delay in our communication is to meet the requirements of EU credit rating agency regulation.