Our ratings on ICBPI reflect the anchor of 'bbb+' that we operating in Italy, and the bank's "weak" business position, "strong" capital and earnings, "moderate" risk position, "average" funding, and "adequate" liquidity, as our criteria define these terms. Our bank criteria use our Banking Industry Country Risk Assessment (BICRA) economic risk and industry risk scores to determine a bank's anchor, the starting point in assigning an issuer credit rating (ICR). The 'bbb+' anchor draws on our view of the economic and industry risk in Italy where ICBPI operates. We view Italy as a diversified and competitive economy with moderate credit risk. But Italy's public debt is very high. The imbalances in domestic asset prices and the buildup of leverage are
