The rating agency Standard & Poor's ("S&P") has today affirmed the ratings with Positive outlook for UniCredit SpA and its German and Austrian subsidiaries following the offer on Commerzbank.
The Issuer Credit Ratings ("ICR") and Senior Preferred ratings have both been affirmed at 'A-', while the Short-Term Issuer Credit Rating has been affirmed at 'A-2'. The outlooks remain Positive.
According to S&P, the addition of Commerzbank operations to the group could open the possibility of rating UniCredit SpA two notches higher than the sovereign rating of Italy.
The Stand-Alone Credit Profile of UniCredit SpA has been affirmed at 'a-', while Long- and Short-Term Resolution Counterparty Ratings have been affirmed at 'A' and 'A-1', respectively.
The full text of S&P's press release is available on the rating agency's website:
https://www.spglobal.com/ratings/en/
Milan, 15 July 2026
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