...OVERVIEW + As part of our ongoing surveillance, we have reviewed our ratings on UniCredit's Italian mortgage covered bond program and related issuances. + In our view, the available credit enhancement is commensurate with the ratings on the outstanding covered bonds. + We have therefore affirmed our 'A' ratings on the program and related issuances. + The stable outlook on the ratings reflects that on the sovereign. MADRID (S&P Global Ratings) Sept. 30, 2016--S&P Global Ratings today affirmed its 'A' credit ratings on UniCredit SpA's Italian mortgage covered bond program and related issuances. The outlook on our ratings is stable. We have conducted a credit and cash flow analysis based on our criteria for rating Italian residential mortgage-backed securities and our covered bonds criteria (see "Italy And Spain RMBS Methodology And Assumptions," published on Sept. 18, 2014, and "Covered Bonds Criteria," published on Dec. 9, 2014). Based on our credit and cash flow results, we consider that...
