Leading market positions in targeted business segments. Balanced funding profile and excess liquidity. Material double leverage at the group level. High fixed costs. Potential losses in payment services and credit card-related activities due to operational risks. The stable outlook on Istituto Centrale delle Banche Popolari Italiane SpA (ICBPI) reflects Standard&Poor's Ratings Services' view that the prospect of a rating change from 'BB-' is remote over the next 12 months. Although unlikely at this stage, we could upgrade ICBPI if we expected the bank to maintain its risk-adjusted capital (RAC) ratio above 7% over the next 12-18 months, mainly as a result of a combination of diminished economic risks in Italy and higher earnings generation than we expect. We
