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UniCredit: Fitch Ratings affirms the ratings of the Group

UniCredit announces that today the rating agency Fitch affirmed the Issuer Default Ratings assigned to UniCredit SpA at "A+" for long-term debts and at "F1" for short-term debts, the Individual Rating at "B" and the Support Rating at "1".

Outlook is positive.

These rating actions follow the announcement that Bank Austria Creditanstalt AG, responsible within the UniCredit Group for commercial banking activities in CEE, has signed a share purchase agreement with private shareholders to acquire a majority shareholding in JSC ATF Bank in Kakakhstan.

Attached the complete text of Fitch Ratings' press release with details of today's rating actions on UniCredit and JSC ATF Bank.


Contacts:

Media Relations:
Tel. +39 02 88628236; e-mail: Uci.Ufficiostampa@unicredit.it
Investor Relations:
Tel. + 39 02 88628715; e-mail: UCI-InvestorRelations@unicredit.it






ATTACHMENT

Fitch Affirms UniCredito at 'A+'; Places ATF Bank's IDR on RWP on Acquisition Plan
22 Jun 2007
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Fitch Ratings-London/Milan/Moscow-22 June 2007: Fitch Ratings has today affirmed UniCredito Italiano's ("UCI") ratings at Long-term Issuer Default ("IDR") 'A+' with Positive Outlook, Short-term IDR 'F1', Individual 'B' and Support '1'. Its Support Rating Floor of 'A-' (A minus) remains unchanged. This affirmation follows the announced agreement between UCI and private shareholders to acquire, through its Austrian subsidiary, Bank Austria Creditanstalt ("BACA") a majority stake in Kazakhstan-based ATF Bank ("ATF").
At the same time Fitch has placed ATF Bank's ("ATF") Long-term IDR 'BB-' (BB minus), Short-term IDR 'B' and Support '3' on Rating Watch Positive ("RWP") and affirmed its Individual rating at 'D'. ATF's current Support Rating Floor of 'BB-' (BB minus) is based on sovereign support. Should the transaction go ahead, it will be reviewed in line with Fitch's prevailing policy on institutionally driven support. Fitch has also taken rating actions on UCI's subsidiaries, including those of BACA, as listed below.

The transaction, which is still subject to regulatory approvals, will be paid for in cash and will generate a large amount of goodwill. The acquisition will shave around 30 bps from UCI's core capital ratio. Nonetheless, UCI has confirmed its target core Tier 1 ratio of 6.8% by end-2008, which will be met mostly through internal capital generation but also partly through the sale of some non-strategic equity participations and of Bank BPH, in Poland. UCI's franchise in eastern Europe and CIS will be strengthened following this acquisition, in line with its announced strategy.

The RWP on ATF's ratings reflects the greater probability that support would be forthcoming in case of need should the acquisition be completed, in light of UCI's ability and expected propensity to provide such support. Should the transaction be completed, Fitch expects to upgrade ATF's IDR to the level of the Kazakhstan Country Ceiling, currently at 'BBB+'.

UCI is Italy's second-largest bank by total domestic assets. It recently launched a bid to acquire Capitalia, Italy's fourth-largest bank (see separate announcement dated 21 May 2007 on www.fitchratings.com), a transaction that will render it one of Europe's largest banks, with more than 7,500 branches in Europe and central and eastern Europe and CIS. At end-Q107 ATF was the fourth-largest bank in Kazakhstan, with a 10% share of banking system assets.

HVB, Germany
Long-term IDR, Short-term IDR, Individual and Support ratings affirmed at 'A' with a Positive Outlook, 'F1',' C' and '1' respectively.

BACA, Austria
Long-term IDR, Short-term IDR, Individual and Support ratings affirmed at 'A' with a Positive Outlook, 'F1', 'B/C' and '1' respectively.

Bank Pekao, Poland
Long-term IDR, Short-term IDR, Individual and Support ratings affirmed at 'A' with a Positive Outlook, 'F1', 'B/C' and '1' respectively.

Bank BPH, Poland
Support rating of '1' kept on Rating Watch Negative.

Zagrebacka Banka, Croatia
Long-term IDR, Short-term IDR, Individual and Support ratings affirmed at 'BBB+' with a Stable Outlook, 'F2', 'C/D' and '2' respectively.

UniCredit Tiriac, Romania
Long-term IDR, Short-term IDR, and Support rating affirmed at 'A-' (A minus) with a Stable Outlook, 'F2', and '1' respectively. The Individual 'D' rating is kept on Rating Watch Evolving.

International Moscow Bank, Russia
Long-term IDR, Short-term IDR, Individual and Support ratings affirmed at 'A-' (A minus) with a Stable Outlook, 'F2', 'C/D' and '1' respectively. Long-term local currency IDR and Short-term local currency IDR affirmed at 'A-' with Stable Outlook and 'F2' respectively.

Yapi ve Kredi Bankasi, Turkey
Long-term foreign currency IDR, Short-term IDR, Individual and Support ratings affirmed at 'BB' with a Stable Outlook, 'B', 'D' and '3' respectively. Long-term local currency IDR and Short-term local currency IDR affirmed at 'BB+' with Stable Outlook and 'B', respectively. National Long-term rating affirmed at 'AA+(tur)' with Stable Outlook.

Unicredit Bulbank, Bulgaria
Support rating of '1' affirmed.

UniBanka, Slovakia
Support rating of '1' affirmed.


Contact: Claudia Nelson, London, Tel: + 44 20 7417 4269; Maria Jose Lockerbie, + 44 207 417 4318; Francesca Vasciminno, Milan, +39 02 879 087 225; James Watson, Moscow +7 495 956 6657.

Media Relations: Alla Izmailova, Moscow, Tel: +7 495 956 9903; Hannah Warrington, London, Tel: +44 (0) 207 417 4222.