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Research Update: UniCredit And Most Core Subsidiaries 'A/A-1' Ratings Affirmed On Bank Criteria Change; Outlook Negative Nov 11

  • ID: 2055111
  • November 2011
  • Standard & Poors

FEATURED COMPANIES

  • HVB Capital LLC I
  • HVB Capital LLC II
  • HVB Capital LLC III
  • HVB Funding Trust I
  • HVB Funding Trust II
  • HVB Funding Trust III
  • MORE

Abstract
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...

Companies mentioned in this report are:
- 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
- UniCredit Leasing SpA
- UniCredit Bank Ireland PLC
- BA-CA Finance (Cayman) Ltd.
- Unicredit READ MORE >

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- 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
- 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 IV
- UniCredito Italiano Capital Trust III

Note: Product cover images may vary from those shown
Note: Product cover images may vary from those shown

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