Credit Rating Report

Morningstar DBRS Confirms Republic of Italy at BBB (high), Positive Trend

Sovereigns

Summary

DBRS Ratings GmbH (Morningstar DBRS) confirmed the Republic of Italy (Italy)'s Long-Term Foreign and Local Currency -- Issuer Ratings at BBB (high). The trend on all Long-Term ratings remains Positive. At the same time, Morningstar DBRS confirmed Italy's Short-Term Foreign and Local Currency -- Issuer Ratings at R-1 (low). The trend on all Short-Term ratings remains Stable.

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