MADRID (Standard&Poor's) Nov. 16, 2015--Standard&Poor's Ratings Services said today that its ratings and outlook on UniCredit SpA (BBB-/Stable/A-3) are not affected by the bank's announcement of its updated strategy and third-quarter results. UniCredit disclosed on Nov. 11, 2015 an updated business plan aimed at enhancing its operating profitability by 2018 and streamlining its corporate and operating structure. The bank is targeting cost savings of about €1.6 billion by end-2018, through a reduction of staff expenses by €800 million (which would entail a reduction of 18,200 positions) and of administrative expenses by another €800 million. We understand that the UniCredit group also intends to transfer all of its Central and Eastern European subsidiaries from Bank Austria to
