We consider Istituto Centrale Delle Banche Popolari Italiane (ICBPI) less exposed to the heightened economic and industry risk we now see in Italy than other Italian banks as we view ICBPI as a niche player in payment and credit card-related services. We are therefore affirming our long- and short-term counterparty credit ratings on ICBPI and its core subsidiary CartaSi at 'BBB-/A-3' and removing them from the CreditWatch, where they were placed with negative implications on July 12. The negative outlook reflects our opinion that we could lower the ratings on ICBPI if we anticipated that the economic and/or operating conditions in which Italian banks operate would deteriorate further. On July 24, 2013, Standard&Poor's Ratings Services affirmed its long-
