We have lowered our long- and short-term ratings on Italy-Based UniCredit SpA to 'BBB+/A-2' from 'A/A-1' and removed them from CreditWatch negative, where they were placed on Dec. 7, 2011. The stand-alone credit profile for UniCredit is unchanged at 'a-'. We are affirming our 'A/A-1' long- and short-term counterparty credit ratings on Germany-based UniCredit Bank AG and removing them from CreditWatch negative, where they were placed on Dec. 7, 2011. The affirmation reflects our opinion that UniCredit Bank AG is less affected than parent UniCredit SpA by the downgrade on Italy on Jan. 13, 2012, given its business focus in Germany (AAA/Stable/A-1+) and high systemic importance within the supportive German banking sector. The negative outlook reflects the possibility that we
