MILAN (Standard&Poor's) March 5, 2007--Standard&Poor's Ratings Services today raised its short- and long-term counterparty credit ratings on Italian banks Banche Popolari Unite (BPU) and Banca Lombarda SpA (A/Positive/A-1) to 'A/A-1' from 'A-/A-2'. The outlooks on both banks remain positive. "The upgrade of BPU reflects a strengthening in its profitability and core capital base in the past two years," said Standard&Poor's credit analyst Taos Fudji. "The upgrade of Banca Lombarda takes into account a consolidation of the profitability improvement over the past two years and maintenance of a more conservative capital policy following the bank's capital increase in June 2006." The rating actions also take into account shareholder approval, at general meetings March 3, 2007,
