UniCredit Bank Austria AG 'A/A-1' Ratings Affirmed, Off Watch Neg; Outlook Negative Feb 12

Standard & Poors, February 2012

Abstract
On Feb. 10, 2012, Standard & Poor's lowered its ratings on Italian bank UniCredit SpA (UniCredit) to 'BBB+/A-2' from 'A/A-1', assigned a negative outlook, and removed them from CreditWatch negative. We consider that UniCredit Bank Austria AG (Bank Austria) is less affected than its parent, UniCredit, by the downgrade of the Republic of Italy (unsolicited, BBB+/Negative/A-2), given its business focus in Austria and Central and Eastern Europe, and its "high" systemic importance in the Austrian banking sector (Republic of Austria, AA+/Negative/A-1+). We are affirming our 'A/A-1' long- and short-term ratings on Bank Austria and removing them from CreditWatch negative. The negative outlook is based on the outlooks on Austria and on UniCredit and reflects the possibility that we could lower...

Action: Affirmed
Action: Outlook: Negative
Action: Removed From CreditWatch

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.

Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.

- UniCredit Bank Austria AG
- UniCredit Leasing SpA
- Unicredit Luxembourg S.A.
- HVB U.S. Finance Inc.
- UniCredit Bank Ireland PLC
- BA-CA Finance (Cayman) Ltd.
- Unicredit International Bank (Luxembourg) S.A.
- BA-CA Finance (Cayman) (2) Ltd.
- UniCredit Luxembourg Finance S.A.
- UniCredito Italiano Capital Trust III
- UniCredito Italiano Capital Trust IV
- UniCredit SpA
- Unicredit Delaware Inc.
- Bank Polska Kasa Opieki S.A.
- UniCredit Bank AG
- HVB Capital LLC I
- HVB Funding Trust II
- HVB Funding Trust I
- HVB Funding Trust III
- HVB Capital LLC III
- HVB Capital LLC II
- UniCredito Italiano Capital Trust

Customers who bought this item also bought

• The European University Libraries Directory 2013
• The European Foundations Directory 2013
• International Country Risk Guide Annual
• OECD Central Government Debt Statistics 2012
• The Irish Defense Industry - Market Opportunities and Entry Strategies, Analyses and Forecasts to 2017
• Restoring Public Finances, 2012 Update
• Public Affairs Ireland Subscription Service
• The EU Defence Market: Industry and National Procurement
• Development Co-operation Report 2012: Lessons in Linking Sustainability and Development
• The Irish Defense Industry - Competitive Landscape and Strategic Insights to 2017: Market Profile