Use htmlText to display HTML text
<?xml version="1.0"?>
<mx:Application xmlns:mx="http://www.adobe.com/2006/mxml" width="450">
<mx:Text width="100%" color="blue" fontStyle="italic" fontSize="14">
<mx:htmlText>
This is 14-point blue italic text.
<br><b><font color="#000000" size="10">
This text is 10-point black, italic, and bold.</font></b>
</mx:htmlText>
</mx:Text>
</mx:Application>
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