MILAN (Standard&Poor's) July 2, 2002--Standard&Poor's said today that it had raised its long-term counterparty credit rating on UniCredito Italiano SpA (UniCredito) to double-'A'-minus from single-'A'-plus and its short-term counterparty credit rating to 'A-1'-plus from 'A-1'. The outlook is stable. "The ratings upgrade reflects the low risk profile and superior earnings capacity maintained by the group in a difficult operating environment," said Alberto Buffa di Perrero, an associate director in Standard&Poor's Milan office, "in spite of the challenges inherent in its expansion strategy in Eastern Europe." The ratings on UniCredito reflect the group's strong market position in Italy, credible strategy, and sound financial profile. Although the group's expansion in emerging markets represents moves into banking
