Central role in providing essential services to a large group of Italian banks, mainly Banche Popolari (cooperative banks). Strong capital support from its shareholders. Low credit risk. Excess funding benefit from payment services activities. Limited revenue diversification. High fixed-cost base. Potential operational risk losses in interbank and credit card business, mitigated by a good track record. The ratings on Istituto Centrale delle Banche Popolari Italiane SpA (ICBPI) reflect its central role in providing essential services to a large group of Italian banks, mainly Banche Popolari (cooperative banks). Strong capital support from its shareholders, low credit risk, and excess funding from payment services activities also support the ratings. The factors offsetting these credit strengths are the bank's limited revenue diversification, a
