MILAN (Standard&Poor's) Nov. 14, 2006--Standard&Poor's Ratings Services said today that it affirmed its 'A-' long-term and 'A-2' short-term counterparty credit ratings on Italy-based Banche Popolari Unite (BPU) and Banca Lombarda SpA. The outlook on both entities remains positive. The rating actions follow the announcement on Nov. 13, 2006, by BPU and Banca Lombarda that their boards of directors have approved guidelines for a merger. "The affirmations on BPU and Banca Lombarda reflect the transaction's sound strategic rationale and our expectation that the resulting combined entity will have solid business and financial profiles," said Standard&Poor's credit analyst Taos Fudji. "We believe the merger is likely to reinforce positive trends at the two banks," said Standard
