Moody’s changes UniCredit Bank view

Moody’s Investors Service said it affirmed the A2 long-term senior unsecured debt and deposit ratings of UniCredit Bank AG and the Baa1 long-term senior unsecured debt and the A3 long-term deposit ratings of UniCredit Bank Austria AG.

For both banks, the agency changed the outlook on their long-term debt and deposit ratings to stable from negative.

Concurrently, Moody's affirmed the banks’ baa2 baseline credit assessments and adjusted baseline credit assessments.

Moody’s said the action was prompted by the action on 10 Italian banks, which included parent bank UniCredit SpA.

“The outlook change to stable from negative for both UCB's and UBA's long-term deposit and senior unsecured debt ratings reflects the rating agency's assessment that UniCredit's overall credit profile will remain resilient, despite Moody's expectation of a moderate deterioration of the bank's asset quality that will materialise once support measures fade away,” the agency said in a news release.

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