Economic risk in most of the countries where UniCredit operates has receded, in our view. We think UniCredit's significant geographic diversification and the progress it has made over the past few years to improve its financial profile will help mitigate the risks to its creditworthiness posed by the pandemic. We are therefore revising our outlook on UniCredit to stable from negative and affirming the 'BBB/A-2' issuer credit ratings. The stable outlook reflects our view that the bank's credit profile will remain resilient. On June 24, 2021, S&P Global Ratings revised its outlook on UniCredit SpA to stable from negative. At the same time, we affirmed our 'BBB/A-2' long- and short-term issuer credit ratings on the bank. We also affirmed all
