Fitch rates UniCredito Italiano trust preferreds A+

Fitch Ratings said it assigned UniCredito Italiano's €750 million and £300 million perpetual trust preferred securities expected ratings of long-term A+ and put them on Rating Watch negative.

UniCredito Italiano's long-term AA-, short-term F1+ and individual B ratings are on Rating Watch negative.

The €750 million non-cumulative guaranteed perpetual trust preferred securities are issued by Unicredito Italiano Capital Trust III and are guaranteed on a subordinated basis by UniCredito Italiano. The £300 million non-cumulative guaranteed perpetual trust preferred securities are issued by Unicredito Italiano Capital Trust IV and are guaranteed on a subordinated basis by UniCredito Italiano.

The perpetual trust preferred securities will be listed on the Irish Stock Exchange.

In June Fitch placed UniCredito Italiano's long-, short-term and individual ratings on Rating Watch negative following the announcement of an agreed all-share offer for 100% of the share capital of HVB. In August UniCredito Italiano launched the offer for HVB which it will finance by issuing new shares. It has also made an offer for the minority interests of Bank Austria Creditanstalt, which includes an alternative cash offer and will launch a similar offer for the minority interests of Bank Przemyslowo-Handlowy Bank PBK once regulatory clearance is received.

Fitch said the trust preferred securities issues fit within UniCredito Italiano's capital strengthening plan in view of the acquisitions.

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