London, May 20, 2016, ARC Ratings, S.A. (ARC) has affirmed its long-term foreign currency issuer rating of “BBB” accorded to the Republic of Italy. The agency has also affirmed Italy’s long-term local currency issuer rating of “BBB”. The outlook on both ratings remains stable. Italy’s foreign currency and local currency country ceilings of “AA”, and short-term sovereign ratings of “A-2” have also been affirmed. All ratings assigned are unsolicited.