We anticipate that stabilizing economic conditions and a slowdown in Unione di Banche Italiane Scpa's (UBI's) asset quality deterioration will ease the pressure on profitability. We expect this to enable UBI to keep gradually improving its internal capital generation. We are therefore revising the outlook on our long-term rating on UBI to stable from negative, and affirming our 'BBB-/A-3' ratings. The stable outlook reflects our expectation that UBI will be able to reach a risk-adjusted capital ratio of about 5.5% by end-2016. MILAN (Standard&Poor's) July 3, 2015--Standard&Poor's Ratings Services today revised its outlook on the long-term rating on Unione di Banche Italiane Scpa (UBI) to stable from negative. At the same time, we affirmed our 'BBB-/A-3'
