The rating agency Standard & Poor's ("S&P") has today improved UniCredit SpA's rating outlook from Stable to Positive, while affirming the Issuer Credit Rating ("ICR") and Senior Preferred rating at 'A-', one notch above the Italian sovereign. This follows a positive rating action on Italy.
In S&P's view, UniCredit ratings are supported by the bank's solid, geographically diversified franchise across Europe, its robust earnings generation, solid liquidity, and sound asset quality.
UniCredit Group's strong overall creditworthiness allows the assignment of Positive outlooks also to subsidiaries in Germany and Austria, which benefit from group support.
The Stand-Alone Credit Profile has been affirmed at 'a-', while Long- and Short-Term Resolution Counterparty Ratings have been affirmed at 'A' and 'A-1', respectively.
The Short-Term Issuer Credit Rating has been affirmed at 'A-2'.
The full text of S&P's press release is available on the rating agency's website:
https://www.spglobal.com/ratings/en/
Milan, 2 February 2026
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