According to a report by S&P Global Ratings, the Milan-Cortina 2026 Winter Olympic Games will not have a negative financial impact on Italian sovereign debt or the local and regional governments hosting the event. The report asserts that "the Games will cost Italy less than the 2015 Milan Expo due to relatively limited investment in Olympic facilities and increased investment in infrastructure". The majority of the investments have been financed by government contributions, which have "protected the budgets of local and regional authorities from the associated pressures", according to Mariamena Ruggiero, credit analyst at S&P Global Ratings. She also clarifies that "budget overruns due to the inflation shock of 2022-2023 and additional infrastructure investments will be borne primarily by the Italian state".