OVERVIEW We have reviewed the performance of Germany-based UniCredit Bank AG's public-sector covered bonds as part of our ongoing surveillance. The program's available credit enhancement remains commensurate with the seven potential notches of uplift from our issuer credit rating on the issuer. We are therefore affirming our 'AAA' ratings on the covered bond program. The stable outlook reflects that the covered bonds' current characteristics could stay in line with our 'AAA' rating, even if we lowered our long-term rating on UniCredit Bank by one notch or if the program's asset-liability mismatch risk increased. FRANKFURT (Standard&Poor's) April 4, 2014--Standard&Poor's Ratings Services today affirmed its 'AAA' long-term issue ratings on the public-sector covered bond (Öffentliche Pfandbriefe) program of
