The strong profitability of Gruppo Bancario Cooperativo Iccrea (GBCI) significantly strengthens the group's capitalization, reflecting positive earnings momentum and better-than-expected asset quality performance in 2023. We now expect GBCI's risk-adjusted capital ratio to improve and sustainably exceed 10% over the next two years. We therefore raised to 'BBB-/A-3' from 'BB+/B' the long- and short-term issuer credit ratings on GBCI's leading entity, Iccrea Banca SpA. The outlook is stable. On Feb. 22, 2024, S&P Global Ratings raised to 'BBB-/A-3' from 'BB+/B' its long- and short-term issuer credit ratings on Iccrea Banca SpA, the leading entity of Gruppo Bancario Cooperativo Iccrea (GBCI). The outlook is stable. At the same time, we raised our issue ratings on the group's senior nonpreferred debt to
