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UniCredit: S&P aligns UniCredit SpA's rating with that of the sovereign Italy - main subsidiaries affirmed

The Rating Agency Standard & Poor's ("S&P's") has today aligned UniCredit SpA's ratings with that of the recently downgraded sovereign Italy ('BBB-' long- and 'A3' short-term Issuer Credit Rating) as it is capped at the same level due to S&P's criteria. The SACP (= stand-alone rating) was changed to 'bbb-' from 'bbb'. As a consequence outstanding debt ratings including hybrids have also been lowered.

The outlook is now stable.

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

The long- and short-term ratings of UniCredit Bank AG, UniCredit Bank Austria AG and Bank Pekao have not been impacted and have been affirmed at 'A-/A-2', 'BBB+/A-2' and 'BBB+/A-2' respectively.


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



Milan, 18th December 2014