On June 19, 2015, shareholders of Italian bank ICBPI signed an agreement to sell the company to a consortium of private equity funds, Bain Capital-Advent-Clessidra. Given the uncertainty related to ICBPI's future business strategy, we believe the transaction could have a negative effect on its financial and business profiles. We are therefore placing the 'BB+' long-term ratings on ICBPI and its core subsidiary CartaSi on CreditWatch with negative implications. The CreditWatch placement reflects our view that we could lower the ratings if we anticipated that ICBPI's financial and/or business profile would deteriorate as result of the transaction. On June 24, 2015, Standard&Poor's Ratings Services placed its 'BB+' long-term counterparty credit rating on Italian bank Istituto Centrale Delle Banche
