On Jan. 10, 2019, Iccrea Banca SpA announced the modification of its bylaws and a €250 million capital increase from its owners, a group of Italian cooperative banks. Once implemented and approved by regulators, these measures would formalize the longstanding process of creating a single banking group, with Iccrea Banca becoming the group parent. We have already anticipated the formation of the group in our ratings, and consider the capital increase at Iccrea to be a group internal transaction. We are therefore affirming our 'BB/B' ratings on Iccrea. The stable outlook reflects balanced risks to our ratings on Iccrea over the next 12 months. On Jan. 11, 2019, S&P Global Ratings affirmed its 'BB' long- and 'B' short-term issuer credit
