UniCredit announces that today the rating agency Fitch changed the long-term counterparty credit rating by a single notch to "A" from "A+" and the Individual rating to "C" from "B/C". The short-term rating is confirmed "F1".
The outlook for the bank's deposit and debt ratings remains negative.
In its decision, Fitch notes UniCredit's vulnerability to potential stresses in Central and Eastern Europe (CEE) through its bank subsidiaries based in those areas.
Fitch however underlines that notwithstanding some material one-off positive effects, 2008 results show UniCredit's resilience in the commercial banking business.
At the same time Fitch has changed the ratings of some of UniCredit Group subsidiaries.
The full text of Fitch press release is available on the rating agency's website and herebelow
Milan, 16 April 2009
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