On March 6, 2009, Standard&Poor's Ratings Services revised its outlook on Unione di Banche Italiane Scpa (UBI) to stable from positive. At the same time the 'A/A-1' long- and short-term counterparty credit ratings on the Italian bank were affirmed. The outlook revision reflects our expectations that the drop in interest rates and recession will have a negative effect on UBI in 2009. We expect a faster decline in revenues than operating costs, as well as an important rise in the cost of credit risk. As a result, we do not expect UBI's financial profile to support an upgrade of the long-term rating to 'A+'. The ratings affirmation is based on our expectation that UBI's strong franchise in Lombardy--Italy's
