Despite governments' measures to contain the COVID-19 pandemic, and the unprecedented support that governments have committed to provide to their corporate and household sectors, European economies, including Italy, face an unprecedented challenge. Even under our base case of an economic recovery starting in third-quarter 2020, we expect DEPObank's earnings will likely weaken toward end-2020 and into 2021. We are affirming our ratings on DEPObank because we think that its business model entails minimal exposure to credit risk. We therefore think its creditworthiness will likely be less affected by the current stress compared to traditional commercial banks. The stable outlook reflects our expectation that DEPObank will maintain satisfactory capitalization over the next 12 months, which will support its creditworthiness. On April
