Summary: Istituto Centrale delle Banche Popolari Italiane SpA

Dominant market positions in payment services and credit card-related services in Italy. Solid capital position in the context of the prevailing high-risk economic environment in Italy. Low credit risk profile. Business concentrated in a niche market with a domestic scope. High fixed-cost base. Potential operational risk losses in payment services and credit card-related activities. The stable outlook on Istituto Centrale delle Banche Popolari Italiane SpA (ICBPI) reflects Standard&Poor's Ratings Services' view that the ratings on ICBPI already incorporate most of the risks stemming from the fragile economic conditions in Italy that we anticipate may affect ICBPI's performance. It also reflects our expectation that ICBPI should continue to post positive bottom-line performance and preserve its capital position. We could

...Potential operational risk losses in payment services and credit card-related activities. Outlook: Stable The stable outlook on Istituto Centrale delle Banche Popolari Italiane SpA (ICBPI) reflects Standard & Poor's Ratings Services' view that the ratings on ICBPI already incorporate most of the risks stemming from the fragile economic conditions in Italy that we anticipate may affect ICBPI's performance. It also reflects our expectation that ICBPI should continue to post positive bottom-line performance and preserve its capital position. We could lower our rating on ICBPI if we revised downward our expectations for ICBPI's solvency levels. Although unlikely at present, we could raise the rating if ICBPI's solvency levels significantly improved or if we anticipated an improvement in the economic environment in Italy....

Summary