OVERVIEW We have reviewed UniCredit's mortgage covered bonds under our updated criteria for rating Italian RMBS and our criteria for rating single-jurisdiction securitizations above the sovereign. We have also reviewed the recent implications following our downgrade of Italy. Based on our updated criteria for rating single-jurisdiction securitizations above the sovereign, the ratings on the mortgage covered bonds can be only four notches higher than our unsolicited long-term 'BBB-' rating on Italy. We are therefore lowering our ratings on the mortgage covered bonds to 'A' from 'AA'. The stable outlook on our ratings reflects that on Italy. FRANKFURT (Standard&Poor's) Dec. 18, 2014--Standard&Poor's Ratings Services today lowered to 'A' from 'AA' its credit ratings on the mortgage covered
