Strong capital position. Sound domestic corporate franchise supported by Germany's relatively robust economy. Expected extraordinary government support based on the bank's high systemic importance in Germany, but the negative outlook also reflects the possible removal of government support by year-end 2015. Meaningful concentration in its corporate credit portfolio and complexity in its credit market-related business. Some tail risk in credit losses is not fully reflected in our capital considerations due to the beneficial cycle in Germany and strong operational interconnectedness with UniCredit group. Volatility in business flows that is inherent to its investment banking activity. The negative outlook indicates that we may lower the ratings on UniCredit Bank AG by year-end 2015 if we believe there is a greater likelihood
