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UniCredit: Fitch confirms long-term and short-term rating, changes outlook to negative

UniCredit Group communicates that the rating agency Fitch has confirmed long-term and short-term rating ( "A+" and "F1" ) of UniCredit.

Fitch has changed to negative from positive the outlook for UniCredit, for its Italian subsidiaries - UniCredit Banca di Roma Spa, Banco di Sicilia Spa, Bipop Carire Spa and UniCredit Banca per la Casa Spa - and for Germany based HVB, Bank Austria and Bank Pekao in Poland. At the same time, the Individual Rating of UniCredit Spa is changed to "B/C" from "B".

In its decision on outlook, Fitch considers that "While the group's profitability has historically been good, its recent performance has been weighed down by lower commissions, reflecting the difficulties in the global asset management sector, and negative results from market operations, in particular the negative marked-to-market valuations on its structured credit portfolio".

Fitch however underlines that "UniCredit's ratings continue to reflect its diversified revenue base, geographic presence and risks, the restructuring potential of former Capitalia operations, sound risk management framework, good management and a successful track record in integrating acquired banks".

The full text of Fitch press release is available on the rating agency web-site ( 

Milan, October, 2, 2008


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