On July 1, 2003, Standard&Poor's Ratings Services assigned its 'A-' long-term and 'A-2' short-term counterparty credit ratings to the banking group Banche Popolari Unite (BPU), which was created from the merger between Italian banking groups Banca Popolare di Bergamo – Credito Varesino (BPB-CV) and Banca Popolare Commercio e Industria SCRL (BPCI). The outlook is stable. At the same time, the counterparty credit ratings on BPB-CV and BPCI were withdrawn. Ratings on the outstanding debt (including preferred shares) of both BPB-CV and BPCI remain unchanged, and the obligation to service this debt has passed to BPU. The newly assigned ratings reflect BPU's strong retail franchise in northern and central Italy, sound asset quality, strong liquidity, and adequate capitalization and
