Bulletin: Germany-Based UniCredit Bank AG's Change In Legal Status Has No Direct Credit Implications

FRANKFURT (S&P Global Ratings) Dec. 18, 2023--S&P Global Ratings today said that UniCredit Bank AG's (HVB's; BBB+/Stable/A-2) change in legal entity status is not expected to directly affect the rating. We understand the shift from a stock corporation into a German limited liability company (Gesellschaft mit beschränkter Haftung; GmbH) will result in no change in supervisory practices, including minimum levels of capital and liquidity requirements. The group also currently does not plan to make any changes to HVB's operational set up or its management and supervisory teams. However, if, as a result of this change, we see signs of strengthened financial and operational ties with parent UniCredit SpA (BBB/Stable/A-2), we could reassess our views on the likelihood that the subsidiary

...December 18, 2023 FRANKFURT (S&P Global Ratings) Dec. 18, 2023--S&P Global Ratings today said that UniCredit Bank AG's (HVB's; ###+/Stable/A-2) change in legal entity status is not expected to directly affect the rating. We understand the shift from a stock corporation into a German limited liability company (Gesellschaft mit beschrSnkter Haftung; GmbH) will result in no change in supervisory practices, including minimum levels of capital and liquidity requirements. The group also currently does not plan to make any changes to HVB's operational set up or its management and supervisory teams. However, if, as a result of this change, we see signs of strengthened financial and operational ties with parent UniCredit SpA (###/Stable/A-2), we could reassess our views on the likelihood that the subsidiary could withstand potential parental stress. We think that there is limited possibility of objecting to decisions made by group management, provided that they are in accordance with German law....

Bulletin