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UniCredit Group: Moody's changes outlook on UniCredito Italiano to negative and affirms HVB's ratings

UniCredit announces that today the rating agency Moody's changed to negative from stable the rating outlook of UniCredito Italiano and its Italian subsidiaries Banca di Roma and Bipop Carire.

Senior debt and long-term deposits at Aa2, BFSR at B- unchanged.

All of HVB's ratings were affirmed with a stable outlook.

Moody's noted that UniCredit "is committed to strengthening its capital ratios during 2008", and that UniCredit "continues to show strong and diversified earnings generation, and good profitability and efficiency measures". The rating actions take into account Moody's concern on the bank's capital adequacy in a context of difficult market conditions.

The complete text of Moody's press release is available on the website of the company.

Milan, 6 May 2008


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