...MADRID (S&P Global Ratings) April 21, 2017--S&P Global Ratings said today that its credit ratings and negative outlook on UniCredit Bank AG's public sector covered bond program and related issuances are unaffected following rating action on the issuer. On March 28, 2017, we affirmed our '###/A-2' issuer credit ratings on UniCredit Bank AG, the outlook is developing (see "German UniCredit Bank Affirmed At '###/A-2'; Outlook Developing; Senior Subordinated Debt Downgraded To '###-'"). Accordingly, the developing outlook indicates that we could affirm, raise, or lower our ratings on UniCredit Bank over the next 12-24 months. Our current ratings and negative outlook on the issuer's public sector covered bond program and related issuances remain unchanged as a result of our March 28 rating action on the issuer. Our outlook on the covered bonds remains negative because, under our covered bonds criteria, there are currently no unused notches of uplift within the rating for jurisdictional and collateral-based...
