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UniCredit: Moody's changes the ratings of the Group

UniCredito Italiano announces that the rating agency Moody's downgraded the long-term ratings assigned to UniCredito Italiano SpA and its subsidiary Locat SpA to "A1" (from "Aa2"), while confirming the short-term ratings at "P-1". Outlook on the parent company and the aforementioned subsidiary is stable.

At the same time Moody's upgraded to "A2" (from "A3") the long-term rating of Bayerische Hypo-und Vereinsbank, while confirming the short-term rating at "P-1"; outlook is stable. The rating agency also maintained the long and short-term ratings of Bank Austria Creditanstalt at "A2" and "P-1" respectively, with stable outlook.

Following the placement of the aforementioned ratings on credit watch upon the announcement of the possible aggregation between UniCredit and HVB groups, such rating actions are attributable to the success of the purchase offer promoted by UniCredit on HVB Group.

UniCredit points out that the aforementioned Moody's actions were expected, due to the different rating levels assigned by the agency to UniCredit and HVB groups before the announcement of the proposed business combination.

Attached the complete text of Moody's press release with details of today's rating actions on UniCredit and HVB groups' companies.