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UniCredit: S&P's aligns UniCredit SpA's rating with that of the sovereign

The Rating Agency Standard & Poor's has today aligned UniCredit SpA's ratings with that of the recently downgraded sovereign Italy ('BBB' long- and 'A2' short-term Issuer Default Rating). It is capped at the sovereign level due to S&P's criteria. The SACP (= standalone) rating is unchanged at 'bbb+'. The negative outlook is unchanged and mirroring that on the sovereign.

As a consequence outstanding debt ratings including hybrids have also been lowered.


The agency also placed its 'A/A-1' long- and short-term ratings on UniCredit Bank AG and its 'A-' long-term rating on UniCredit Bank Austria AG on CreditWatch with negative implications.

S&P's has reviewed other Italian banks at the same time.

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



Milan, 12th July 2013