S&P lifts Capitalia

Standard & Poor's said it raised its long-term counterparty credit rating on Capitalia SpA to A+ from A.

The outlook is stable.

The rating was removed from CreditWatch, where it was originally placed with positive implications on May 21, the agency said, noting that at the same time, the A-1 short-term counterparty credit rating was affirmed.

The upgrade follows approval of the merger of Capitalia with UniCredito Italiano SpA (A+/stable/A-1) by shareholders of the two banks and authorization by the Italian bank regulator, the agency said.

According to S&P, the ratings on Capitalia now reflect the benefits of becoming part of a bank with stronger business and financial profiles.

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