...Strong Credit Profile: UniCredit Bank GmbH's (HVB) Viability Rating (VR) is driven by its strong franchise among German corporate customers but lower business diversification than higher rated peers, and sound profitability and capitalisation. The ratings also reflect a disciplined risk profile, adequate asset quality metrics and stable funding. The Long-Term Issuer Default Rating (IDR) is one notch above the VR to reflect HVB's large resolution debt buffer. Resilient Business Profile: HVB is a profitable, corporate-centric bank that generates about 20% of UniCredit S.p.A.'s (UC; A-/Stable) pre- tax profit and plays a key role in UC's business with multinational corporates. Integration has increased as most client-driven market and hedging activities have been centralised at the parent, and we expect higher business integration, digitalisation and streamlining under the group's strategic plan. Disciplined Risk Profile: HVB's solid integration into the parent's risk framework, conservative...
