MILAN (S&P Global Ratings) Feb. 11, 2021--S&P Global Ratings said today that UniCredit S.p.A's 2020 results confirmed its central scenario that, like many of the company's peers, UniCredit faces tough operating conditions amid ultralow interest rates and high competition, which will continue weighing on its earnings. At the same time, the bank's progress so far to lower its risk will provide some cushion to absorb the impact of potential asset quality deterioration over the next two years. In 2020, the group's revenues dropped by 9%, more than we expected, primarily due to a sharp contraction of net interest income, while fees declined in line with peers. In addition, while neutral from a capital perspective, we think that the €886 million
