...OVERVIEW + As part of our ongoing surveillance, we have reviewed our ratings on UniCredit SpA's Italian mortgage covered bonds. + In our view, the available credit enhancement is commensurate with the ratings on the outstanding covered bonds. We are therefore affirming 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) June 26, 2017--S&P Global Ratings today affirmed its 'A' ratings on UniCredit SpA's Italian mortgage covered bond program and related issuances. The outlook is stable. Covered bond programs in Italy are subject to the European Union's Bank Recovery and Resolution Directive (BRRD). Our assessment of the systemic importance for mortgage programs in Italy is strong, which, according to our covered bonds criteria, places the reference rating level (RRL) two notches above the adjusted issuer credit rating (ICR; see "Assessments For Jurisdictional Support According To Our Covered...
