ratings season began with Fitch confirming Italy's triple B rating with a favorable outlook. Fitch believes the country has a solid fiscal strategy, and deficits will continue to decline. The agency praises the return of the primary surplus. In short, Italy's public finances appear to be on a positive track. The limitation of governmental spending appears to be working. Tax revenues are currently running. And this has a double consequence. First, the primary surplus, which is the difference between revenue and expenditure, has returned to positive development at 0.4 percent of GDP for the first time since 2019, equivalent to approximately 9 billion euros. A figure that exceeded expectations. On the other side, the rise in revenue raises the tax burden to 42.6 percent, up 1.2 percentage points from 41.4 percent in 2023. For two years now, tax revenues have been growing faster than GDP, which is why their weight as a percentage of GDP is increasing.