Research Update: Polish Bank Polska Kasa Opieki Ratings Affirmed At 'A-/A-2' On Bank Criteria Change; Outlook Stable Nov 11
- Language: English
- Published: November 2011
- Region: Poland
Following a review under Standard & Poor's revised bank criteria (published Nov. 9, 2011), we have affirmed our 'A/A-1' long- and short-term ratings on UniCredit and most of its core subsidiaries. In accordance with our updated hybrid criteria, we have lowered our issue ratings on UniCredit's lower tier 2 notes to 'BBB+' from 'A-' and on its tier 1 hybrid notes to 'BBB-' from 'BBB'; we affirmed our 'BBB' rating on the upper tier 2 notes. Other rating actions on debt issues and subsidiaries are listed below. Our ratings on UniCredit reflect its 'bbb+' anchor, its strong business position, adequate capital and earnings, adequate risk position, average funding, and adequate liquidity, as our criteria define these terms. The ratings also...
Action: Outlook: Negative
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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 SpA
- Unicredit Delaware Inc.
- UniCredit Bank Austria AG
- 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
- UniCredit Leasing SpA
- 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