Important role in providing payment and cash management services to a large number of Italian banks. Sound capital position sustained by strong commitment from its shareholders. Low credit risk profile. Limited revenue diversification. High fixed-cost base. Potential operational risk losses in payment services and credit cards. The ratings on Istituto Centrale delle Banche Popolari Italiane SpA (ICBPI) reflect Standard&Poor's Ratings Services' view of its important role in providing payment and cash management services to a large number of Italian banks. A sound capital position, sustained by strong commitment from its shareholders, and low credit risk profile also support the ratings. Offsetting factors are the bank's limited revenue diversification, a high fixed-cost base, and the potential for losses from
