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UniCredit: Standard & Poor's confirms long-term and short-term rating, changes outlook to negative

UniCredit communicates that the rating agency Standard & Poor's has confirmed long-term and short-term rating ("A+" and "A-1") of UniCredit.

Standard & Poor's has changed to negative from stable the outlook for UniCredit, for its Italian subsidiaries - UniCredit Banca per la casa Spa, UniCredit Corporate Banking Spa, UniCredit MedioCredito Centrale Spa, Locat Spa - and on HVB Luxembourg, HVB in Germany, Bank Austria and UniCredit CAIB AG.

Standard & Poor's explains its decision with a "downward revision of earnings expectations" which UniCredit communicated yesterday, on the same day it announced the approval of extraordinary measures to strengthen its capital ratios.

The rating agency also underlines that "the ratings continue to reflect UniCredit's solid franchise in Italy, the German State of Bavaria, the Republic of Austria and CEE. They also reflect its strong business and geographic diversification, good profitability at the Italian and CEE businesses, and good integration track record."

The full text of Standard & Poor's press release is available on the rating agency's website.

Milan, October 6, 2008


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