Standard&Poor's placed its unsolicited 'A/A-1' unsolicited long- and short-term sovereign ratings on the Republic of Italy on CreditWatch with negative implications on Dec. 5, 2011. Consequently, we are placing our 'A/A-1' long- and short-term ratings on UniCredit SpA and most core subsidiaries on CreditWatch with negative implications. The negative CreditWatch placement reflects the possibility that a downgrade of Italy and our view of any worsening in our stand-alone credit profile for UniCredit may affect the ratings on UniCredit and most core subsidiaries. We intend to resolve the CreditWatch placement on Unicredit and most core subsidiaries shortly after the resolution of the CreditWatch placement on Italy. We expect that the ratings on UniCredit and most core subsidiaries could either
