The negative outlook on the ratings on Istituto Centrale delle banche Popolari Italiane SpA (ICBPI) and its core credit card subsidiary CartaSi SpA reflects the possibility that we could lower the ratings on the entities if we anticipate that further deterioration in domestic economic and banking industry conditions could weaken ICBPI's stand-alone credit profile (SACP), mainly with regard to its capital and earnings position. We could revise the outlook to stable if we anticipate an improvement in economic and operating conditions for the Italian banking system, and a strengthening of ICBPI's capital and earnings position. Our ratings on ICBPI reflect the anchor of 'bbb' that we apply to banks operating in Italy, and our view on the bank's "moderate" business
