UniCredit: Fitch's sovereign downgrade triggered review of Italian banks - UniCredit on rating watch negative
The Rating Agency Fitch Ratings' recent downgrade of Italy (A+/F1, negative) has triggered a review of the overall Italian banking system.
As a consequence UniCredit SpA was also effected. The support rating has been downgraded to "2" (from "1") and the support rating floor to "BBB+" (from "A -"). UniCredit SpA's current long-term "A", short-term "F-1" issuer default ratings and the stand-alone viability rating "a" have been put on rating watch negative. The individual "B/C" rating has been affirmed.
Fitch Ratings has taken various rating actions on other Italian banks at the same time.
The full text of Fitch's press release is available on the rating agency website www.fitchratings.com.
Milan, 11th October 2011
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