S&P cuts the rating of 11 local authorities: Genoa, Bologna and Milan are also affected

Standard & Poor's downgraded the long-term rating of eleven Italian local authorities from “A+” to “A”, maintaining the negative outlook. Those affected by the judgment were Bologna, Mantua, the Marches, the Province of Rome, Sicily, Emilia Romagna, Friuli-Venezia Giulia, Genoa, Liguria, Milan and Umbria. The rating agency also revised the outlook from stable to negative and confirmed the "A" rating on Turin's long-term debt and announced that it had downgraded the long-term rating on securities issued by the Umbria Region maturing on 2017, 2018 and 2019, of the Marche region expiring in 2018 and of the Sicily region expiring in 2016.