The writing on the bb shell refers only to where the shell was made, not the whole frame. Looks like a very nice frame overall - clean metalwork, nice detailing. Probably not the work of a master like Sachs, Weigle, Eisentraut, etc, but too nice for a typical Italian bike or a hobby builder. Regardless of it's provenance, I'd say you got a good 'un.

SP
Bend, OR