Fitch Takes Various Actions on 3 Italian OBG Programmes

April 8, 2015 1:09 PM

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(The following statement was released by the rating agency) MILAN/LONDON, April 08 (Fitch) Fitch Ratings has taken various rating actions on the Italian mortgage covered bond programmes (Obbligazioni Bancarie Garantite, OBG) issued by Unione di Banche Italiane - UBI Banca (UBI, BBB/Stable/F3; Viability Rating (VR): bbb) and UniCredit S.p.A. (UC, BBB+/Stable/F2; VR: bbb+), as follows: UBI OBG guaranteed by UBI Finance S.r.l. (UBI Finance) downgraded to 'A' from 'A+'; placed on Rating Watch Negative (RWN) UBI OBG guaranteed by UBI Finance CB 2 S.r.l. (UBI Finance CB 2) affirmed at 'BBB+'; Outlook revised to Stable from Negative UC OBG guaranteed by UniCredit BpC Mortgage S.r.l. (UC Soft Bullet) affirmed at 'AA- '; Outlook revised to Stable from Negative The rating actions follow the downgrade of UBI's Long-term Issuer Default Rating (IDR) and the Outlook revision on UC's IDR (see "Fitch Takes Rating Actions on 4 Large Italian Banks" dated 1 April 2015 available at

There is no impact on the 'AA+'/Stable rating of UC conditional pass-through OBG guaranteed by UniCredit OBG S.r.L. as the programme is already on Stable Outlook (see "Fitch Upgrades UniCredit Conditional Pass-Through OBG to 'AA+'; Outlook Stable" dated 23 December 2014 available at www.fitchratings...

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