Dominant market positions in payment services and credit card-related services in Italy. Solid capital position in the context of the prevailing high-risk economic environment in Italy. Low credit risk profile. Business concentrated in a niche market with a domestic scope. High fixed-cost base. Potential operational risk losses in payment services and credit card-related activities. The negative outlook on Istituto Centrale delle Banche Popolari Italiane SpA (ICBPI) reflects the possibility that we could lower the ratings if we anticipated that the economic or operating conditions in which Italian banks operate could deteriorate further, affecting ICBPI's creditworthiness. We do not think an outlook revision to stable is currently likely. However, we could revise the outlook on ICBPI to stable if we anticipated
