DEPObank's complete reorganization of Nexi Group in July this year has significantly changed its business and financial profiles, in our view. However, we believe the benefits to the risk profile of the new entity balance the constraints deriving from lower business diversification. We are therefore affirming our 'BB-/B' ratings on DEPObank and removing the ratings from CreditWatch developing, where we placed them on May 2, 2018. The stable outlook reflects balanced risks to our ratings on DEPObank over the next 12 months. On Dec. 12, 2018, S&P Global Ratings affirmed its 'BB-' long- and 'B' short-term issuer credit ratings on Italy-based DEPObank - Banca Depositiaria SpA (DEPObank). We removed the ratings from CreditWatch with developing implications, where we placed them
