Italy-Based UBI Banca SpA 'BBB/A-2' Ratings Withdrawn Following Merger With Intesa Sanpaolo

MILAN (S&P Global Ratings) April 13, 2021--S&P Global Ratings said today that it has withdrawn its 'BBB/A-2' long- and short-term issuer credit ratings and 'BBB+/A-2' long- and short-term resolution counterparty ratings on financial institution UBI Banca. The rating withdrawal at the issuer's request followed the finalization of the merger with the parent, Intesa Sanpaolo SpA. UBI Banca has ceased existing as a legal entity. As a result, Intesa Sanpaolo has taken on all of UBI Banca's obligations. We therefore now rate the outstanding rated debt instruments issued by UBI Banca as Intesa Sanpaolo's issuances. At the time of the withdrawal, the issue ratings on UBI Banca's existing debt instruments were already aligned to the issuer credit rating on the parent,

...April 13, 2021 MILAN (S&P Global Ratings) April 13, 2021--S&P Global Ratings said today that it has withdrawn its '###/A-2' long- and short-term issuer credit ratings and '###+/A-2' long- and short-term resolution counterparty ratings on financial institution UBI Banca. The rating withdrawal at the issuer's request followed the finalization of the merger with the parent, Intesa Sanpaolo SpA. UBI Banca has ceased existing as a legal entity. As a result, Intesa Sanpaolo has taken on all of UBI Banca's obligations. We therefore now rate the outstanding rated debt instruments issued by UBI Banca as Intesa Sanpaolo's issuances. At the time of the withdrawal, the issue ratings on UBI Banca's existing debt instruments were already aligned to the issuer credit rating on the parent, Intesa Sanpaolo....

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