OVERVIEW As part of our ongoing surveillance, we have reviewed our ratings on UniCredit Bank's German public sector covered bonds. In our view, the available credit enhancement is commensurate with the ratings on the outstanding covered bonds. We have therefore affirmed our 'AAA' ratings on the covered bonds. The negative outlook reflects the outlook on our long-term issuer credit rating on UniCredit Bank, and that there are no unused notches of jurisdictional or collateral-based support. MADRID (S&P Global Ratings) Aug. 22, 2016--S&P Global Ratings today affirmed its 'AAA' credit ratings on Unicredit Bank AG's (BBB/Negative/A-2) German public sector covered bonds. The outlook on our ratings is negative. We have conducted a credit and cash flow analysis based on our criteria
