Moody's cuts UniCredit Bank Austria

Moody's Investors Service said it downgraded the long-term senior debt and deposit ratings of UniCredit Bank Austria AG to Baa1 from A3 and the deposit ratings of card complete Service Bank AG to Baa3 from Baa2.

The outlooks remain negative.

In addition, Moody's affirmed UniCredit Bank Austria's Prime-2 short-term ratings, and downgraded Service Bank's short-term ratings to Prime-3 from Prime-2.

Moody's said the action follows Moody's lowering of UniCredit SpA's standalone credit assessment to D+/baa3 from C-/baa2 and the affirmation of its supported long-term senior ratings at Baa2, all with negative outlooks.

At the same time, the agency downgraded UniCredit Bank Austria's subordinated debt ratings to Ba1 from Baa3. The bank's junior subordinated debt ratings were also downgraded to B1 (hyb) from Ba3 (hyb), and its preferred securities to Ba3 (hyb) from Ba2 (hyb). All of these ratings continue to be notched down from the bank's adjusted BCA of Baa3 and carry a negative outlook.

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