Research Update: UniCredit Bank GmbH Ratings Raised To 'A-' On UniCredit SpA Upgrade And Good Financial Performance; Outlook Stable

On April 18, 2025, we raised our ratings on UniCredit Bank GmbH's (HVB's) parent, UniCredit SpA, to 'BBB+/A-2' with a positive outlook (see: "Various Rating Actions Taken On 15 Italian Banks On Sovereign Upgrade And More Resilient Industry Dynamics," published on RatingsDirect). We revised upward the stand-alone credit profile (SACP) of HVB to 'a-' from 'bbb+' due to its improved financial performance, sound asset quality, and strong capitalization, combined with reduced tail risks from its parent. We therefore raised our long-term issuer credit rating on HVB to 'A-' from 'BBB+' and affirmed our 'A-2' short-term issuer credit rating. We also raised HVB's long- and short-term resolution counterparty ratings to 'A/A-1' from 'A-/A-2'. Additionally, we raised by one notch all outstanding

...- On April 18, 2025, we raised our ratings on UniCredit Bank GmbH's (HVB's) parent, UniCredit SpA, to '###+/A-2' with a positive outlook (see: "Various Rating Actions Taken On 15 Italian Banks On Sovereign Upgrade And More Resilient Industry Dynamics," published on RatingsDirect). - We revised upward the stand-alone credit profile (SACP) of HVB to 'a-' from '###+' due to its improved financial performance, sound asset quality, and strong capitalization, combined with reduced tail risks from its parent. - We therefore raised our long-term issuer credit rating on HVB to 'A-' from '###+' and affirmed our 'A-2' short-term issuer credit rating. We also raised HVB's long- and short-term resolution counterparty ratings to 'A/A-1' from 'A-/A-2'. - Additionally, we raised by one notch all outstanding senior and senior subordinated debt instruments. - The stable outlook reflects our expectation that HVB will demonstrate solid financial results and maintain its strong capitalization in the next two...

Research Update