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Credit Ratings

A "rating" assigned by a rating agency (such as "Moody's", "Standard & Poor's" and "Fitch") represents an opinion on the credit standing and the likelihood of default of a rated entity (e.g. of a company, a bank, etc.) or a security (e.g. a bond).


Each rating agency uses its own methodology. Please find here an overview of the ratings used by rating agencies.



Description Standard & Poor's Moody's Fitch ratings
Short Term Counterparty Credit Rating A-2 P-2 F2
Long Term Counterparty Credit Rating BBB Baa1 BBB
Outlook stable stable* stable
Standalone Rating bbb+ baa3 bbb

* Bank Deposits outlook

Issues Standard & Poor's Moody's Fitch ratings
Covered Bonds (Italian OBGI/OBGII)* AA- / n.r. Aa3 / Aa3 AA / n.r.
Counterparty/Deposit rating** BBB+ Baa1 BBB+
EMTN (Senior Unsecured Preferred) BBB Baa1 BBB
Senior Non Preferred BBB- Baa3 BBB-
Tier 2 BB+ Ba1 BB+
Additional Tier I n.r. Ba3 BB-

* Soft bullet. Conditional pass through.

** Rating shown: S&P: Resolution Counterparty Rating; Moody's: Long Term Counterparty Risk Rating and Deposits; Fitch: Deposits rating.


These rating agency reports constitute publicly accessible information. We have chosen to publish them on our website as an additional service for our shareholders and investors. These reports do not necessarily represent the opinion of UCG, nor should they be seen as a recommendation to buy UniCredit Bank shares. UniCredit Bank accepts no liability for the completeness, timeliness, accuracy or selection of such information.

Main subsidiaries and ESG rating pages

Updated on 26 October 2023.