OVERVIEW We have reviewed the public-sector covered bond program of Germany-based UniCredit Bank AG, including the payment structure and cash flow mechanics. In our view, the program's features remain commensurate with the ratings, and the available credit enhancement well exceeds the target we consider sufficient to cover potential risks. We are therefore affirming our 'AAA' ratings on the program and related series. The stable outlook reflects our opinion that a negative rating action on UniCredit Bank AG or a widening of the program's asset-liability mismatch would not automatically result in a downgrade of the covered bond program. FRANKFURT (Standard&Poor's) March 4, 2013--Standard&Poor's Ratings Services said today that it had affirmed its 'AAA' ratings on the public-sector
