Following a review under Standard&Poor's revised bank criteria (published Nov. 9, 2011), we have affirmed our 'A/A-1' long- and short-term ratings on UniCredit and most of its core subsidiaries. In accordance with our updated hybrid criteria, we have lowered our issue ratings on UniCredit's lower tier 2 notes to 'BBB+' from 'A-' and on its tier 1 hybrid notes to 'BBB-' from 'BBB'; we affirmed our 'BBB' rating on the upper tier 2 notes. Other rating actions on debt issues and subsidiaries are listed below. Our ratings on UniCredit reflect its 'bbb+' anchor, its strong business position, adequate capital and earnings, adequate risk position, average funding, and adequate liquidity, as our criteria define these terms. The ratings also
