The rating agency Fitch Ratings has upgraded UniCredit SpA's Long-Term Issuer Default Rating (IDR) and Senior Preferred rating by one notch to 'BBB+' and improved the outlook from stable to positive. The rating is now one notch above the Italian sovereign.
According to the agency, this is driven by an exceptional position of strength relative to domestic peers and is supported by successful diversification in well performing or growing economies. The agency believes this would mitigate pressures on UniCredit even in the unlikely event of a severe Italian sovereign stress.
The Viability Rating (i.e. standalone rating) has been upgraded to 'bbb+', while the corresponding long-term deposit, Senior Non-Preferred, Tier 2, and Additional Tier 1 ratings have each been upgraded by one notch.
The Short-Term Issuer Default Rating has been affirmed at 'F2'.
For further details please refer to Fitch Ratings' corresponding press release on the website of the rating agency: www.fitchratings.com
Milan, 31 October 2024
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