The ratings on Istituto Centrale delle Banche Popolari Italiane SpA (ICBPI) reflect Standard&Poor's Ratings Services' view of its important role in providing payment and cash management services to a large number of Italian banks. A sound capital position, sustained by strong commitment from its shareholders, and low credit risk profile also support the ratings. Offsetting factors are the bank's limited revenue diversification, a high fixed-cost base, and the potential for losses from operational risk in payment services and credit cards. ICBPI is a provider of payment systems services, custodian and credit and debit card facilities for a number of Italian banks. ICBPI's owners are Italian banks, mainly Banche Popolari, which together own about 88% of its capital. Despite
