Research Update: Bank Austria Creditanstalt Rating Raised To 'A+' And Equalized With Parent UniCredito Italiano Jan 07

Standard & Poors, January 2007

Abstract
On Jan. 12, 2007, Standard & Poor's Ratings Services raised its long-term counterparty credit rating on Austria-based Bank Austria Creditanstalt AG (BA) to 'A+' from 'A', following the completion of the sale of the 77.53% stake in BA formerly held by Bayerische Hypo- und Vereinsbank AG (HVB; A/Stable/A-1) to UniCredito Italiano SpA (UniCredito; A+/Stable/A-1) for a total cash consideration of approximately €12.5 billion. At the same time, the short-term 'A-1' counterparty credit rating on BA was affirmed. The outlook is stable. The counterparty credit ratings and outlooks on both HVB and UniCredito remain unchanged. The rating action reflects BA's new role within the UniCredito group and revised group status as a core subsidiary of UniCredito, which allows Standard & Poor's...

Companies mentioned in this report are:
- UniCredit Bank Austria AG
- UniCredit SpA
- UniCredit Bank AG

Action: Affirmed
Action: Outlook: Stable
Action: Upgraded

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.

- UniCredit Bank Austria AG
- UniCredit SpA
- UniCredit Bank AG

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