On Jan. 12, 2017, Italy-based UBI Banca SpA (UBI) announced it has made an offer to acquire Nuova Banca delle Marche, Nuova Banca dell'Etruria e del Lazio, and Nuova Cassa di Risparmio di Chieti. Based on the disclosed terms, we anticipate that the acquisitions will likely have a limited impact on UBI's creditworthiness. We are therefore affirming our 'BBB-/A-3' long- and short-term ratings on UBI. The outlook remains stable, reflecting our view that the bank will maintain capitalization in line with the current level and keep its nonperforming assets (NPAs) ratio below the domestic system average. On Jan. 13, 2017, S&P Global Ratings affirmed its 'BBB-/A-3' long- and short-term counterparty credit ratings on Italy-based UBI Banca SpA. The outlook is
