The rating agency Moody's has recalibrated ratings of Italian banks in the context of a broader review of over 100 Western European banks and of firms with global capital markets operations. Moody's has confirmed UniCredit SpA's 'C-' stand-alone rating ("Bank Financial Strength Rating" or "BFSR") however changed the mapping to baa2 from baa1 and aligned the long-term deposit and debt rating with Italy at 'A3' with negative outlook (from 'A2'). As a consequence the short-term rating has been lowered to 'Prime-2' from 'Prime-1'.
The agency said that it "expects to conclude the reviews by end of June" which also includes other companies of the UniCredit group.
The full text of Moody's press release is available on the rating agency website www.moodys.com.
Milan, 15th May, 2012