We are assigning our 'BBB/A-2' ratings to Italy-based bank Istituto Centrale delle Banche Popolari Italiane SpA. The ratings reflect ICBPI's central role in providing services to a large group of Italian banks, mainly banche popolari, strong capital support from its shareholders, and low credit risk. At the same time, we are raising to 'A-2' from 'A-3' the short-term ratings on ICBPI subsidiaries Key Client Cards&Solutions and CartaSi to reflect their core status within the ICBPI group. The stable outlook on ICBPI reflects our expectation that it will maintain its key role in providing essential services to Italian banks. On Nov. 25, 2009, Standard&Poor's Ratings Services assigned its 'BBB' long-term and 'A-2' short-term counterparty credit ratings to
