We lowered our long-term rating on Italian bank UniCredit SpA, the parent of Germany-based UniCredit Bank AG, to 'BBB' from 'BBB+' on July 12, 2013. We consider that UniCredit SpA's deteriorated creditworthiness could have adverse repercussions for UniCredit Bank's credit quality. We are therefore lowering our ratings on UniCredit Bank AG to 'A-/A-2' from 'A/A-1' and removing them from CreditWatch negative. The negative outlook incorporates our view of possible negative effects on UniCredit Bank's creditworthiness from potential further weakening of UniCredit SpA's creditworthiness, including potential capital upstreaming, or future downside to UniCredit Bank's business position. FRANKFURT (Standard&Poor's) Oct. 16, 2013--Standard&Poor's Ratings Services today said it lowered its long- and short-term counterparty credit and senior unsecured debt
