On Aug. 3, 2012, we affirmed our 'BBB+/A-2' ratings on UniCredit SpA (UniCredit), Germany-based UniCredit Bank AG's Italian parent. We anticipate that UniCredit's business and financial profiles will remain consistent with our current ratings even after it absorbs the negative impact of what we see as increased credit risk in the Italian economy. We are affirming our long- and short-term ratings on UniCredit Bank at 'A/A-1'. We are also lowering our issue ratings on UniCredit Bank's subordinated and hybrid debt, reflecting our downward revision of the bank's stand-alone credit profile to 'bbb+' from 'a-'. The negative outlook reflects that on UniCredit. On Aug. 8, 2012, Standard&Poor's Ratings Services affirmed its 'A' long-term and 'A-1' short-term counterparty credit ratings
