On June 15, 2005, Standard&Poor's Ratings Services said that its 'AA-' long-term and 'A-1+' short-term counterparty credit ratings on leading Italian bank UniCredito Italiano SpA (UniCredito) and subsidiary Unicredit Banca Mobiliare SpA remain on CreditWatch with negative implications. The 'A+' long-term and 'A-1' short-term counterparty credit ratings on leasing subsidiary Locat SpA also remain on CreditWatch with negative implications. The ratings were placed on CreditWatch on May 31, 2005. UniCredito and Germany's Bayerische Hypo- und Vereinsbank AG (HVB; A-/Watch Pos/A-2) announced on June 13 that it is their intention to proceed with the share-for-share offer. The negative CreditWatch implications reflect that the long-term ratings on UniCredito and related subsidiaries will be lowered by one or two notches if
