UniCredit SpA (Unicredit) has recently announced a strategic review led by its new CEO. As part of the actions already launched to enhance its capital, the group disposed of a 10% stake in its Polish subsidiary Bank Polska Kasa Opieki S.A. (Pekao) on July 12, 2016. We therefore consider that Pekao's strategic importance to the rest of the group has reduced. We are affirming our long- and short-term ratings on Unicredit at 'BBB-/A-3' and on Pekao at 'BBB+/A-2'. The outlook on Unicredit remains stable, and that on Pekao remains negative. On July 20, 2016, S&P Global Ratings affirmed its 'BBB-/A-3' long- and short-term counterparty credit ratings on UniCredit SpA (Unicredit). The outlook remains stable. At the same time, we affirmed
