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UniCredit: S&P affirmed ratings and aligned outlook with sovereign

The Rating Agency Standard&Poor's has today affirmed UniCredit SpA's "A" long-term and "A-1" short-term ratings . At the same time it revised the outlook to negative as a direct consequence of yesterday's rating action on Italy (rated A/A-1 negative). The underlying creditworthiness of UniCredit is unchanged, however in line with Standard&Poor's criteria the rating is capped at the level of the sovereign rating which has driven the rating action.


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


 Milan, 21 September 2011



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