Fitch Affirms City of Milan at 'BBB+'; Outlook Stable

April 24, 2015 8:12 PM

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(The following statement was released by the rating agency) MILAN/PARIS/LONDON, April 24 (Fitch) Fitch Ratings has affirmed the City of Milan's Long-term foreign and local currency Issuer Default Ratings (IDR) at 'BBB+' and its Short-term foreign currency IDR at 'F2'.

The Outlook is Stable. The affirmation reflects Fitch's expectations that the city will be able to absorb extra spending for the 2015 World EXPO, due to about EUR100m ad-hoc national government transfers and extraordinary dividends from subsidiaries, in addition to a solid tax base. The affirmation ...

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