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 www.standardandpoors.com.
Milan, 12th July 2013