In our opinion, Germany-based UniCredit Bank AG's (UniCredit Bank's) creditworthiness is not immediately affected by our recent downgrade of its Italian parent, UniCredit SpA. We are therefore affirming our 'A-/A-2' ratings on UniCredit Bank. The negative outlook on UniCredit Bank reflects our view that potential extraordinary government support for systemically important banks in Austria, Germany, and the U.K. will be reviewed in early 2015, and that this support may decrease as resolution frameworks are put in place. On Dec. 18, 2014, Standard&Poor's Ratings Services affirmed its 'A-/A-2' long- and short-term counterparty credit and senior unsecured debt ratings on Germany-based UniCredit Bank AG. The outlook remains negative. The affirmation follows our review of the potential ratings impact on UniCredit
