Germany-Based UniCredit Bank 'A/A-1' Ratings Affirmed And Removed From Watch Negative; Outlook Negative Feb 12

Published: February 2012
Standard & Poors

FEATURED COMPANIES

HVB Capital LLC I
HVB Capital LLC III
HVB Funding Trust II
HVB U.S. Finance Inc.
UniCredit Bank Austria AG
UniCredit Leasing SpA
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Abstract
We have lowered our long- and short-term ratings on Italy-Based UniCredit SpA to 'BBB+/A-2' from 'A/A-1' and removed them from CreditWatch negative, where they were placed on Dec. 7, 2011. The stand-alone credit profile for UniCredit is unchanged at 'a-'. We are affirming our 'A/A-1' long- and short-term counterparty credit ratings on Germany-based UniCredit Bank AG and removing them from CreditWatch negative, where they were placed on Dec. 7, 2011. The affirmation reflects our opinion that UniCredit Bank AG is less affected than parent UniCredit SpA by the downgrade on Italy on Jan. 13, 2012, given its business focus in Germany (AAA/Stable/A-1+) and high systemic importance within the supportive German banking sector. The negative outlook reflects the possibility that we...

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

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- UniCredit Bank AG
- UniCredit SpA
- Unicredit Delaware Inc.
- UniCredit Bank Austria AG
- Bank Polska Kasa Opieki S.A.
- 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
- 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