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UniCredit: Fitch issuer ratings confirmed even after Italy’s recent downgrade

The Rating Agency Fitch Ratings has today affirmed UniCredit SpA's 'A-' long-term, 'F2' short-term Issuer Default Ratings and 'a-' Viability (= standalone) rating with negative outlook, although Italy's rating has been downgraded by two notches (to 'A-') with negative outlook recently (27th of January 2012).


Due to the implementation of Fitch's new more stringent bank hybrid rating criteria some hybrids have been downgraded at the same time (Subordinated debt has been affirmed at 'BBB+', Upper Tier 2 downgraded to 'BBB-' from 'BBB', trust preferred stock downgraded to 'BB+' from 'BBB' and the Tier 1 with the ISIN XS0527624059 was downgraded to 'BB' from 'BBB').

All ratings were removed from Rating Watch Negative.

Fitch Ratings has taken various rating actions on other Italian banks at the same time.

The full text of Fitch Ratings' press release is available on the rating agency website


Milan, 6th  February 2012



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