Low economic risk in Germany. Strong capital position. Good banking franchise, mainly in Bavaria and some parts of Northern Germany. Moderate concentration in its corporate credit portfolio and complexity in its credit market-related business. Some tail risk in credit losses that are not fully captured in our risk-adjusted capital framework. Volatility in business flows that is inherent to its investment banking activity. Standard&Poor's outlook on Germany-based UniCredit Bank AG is negative, reflecting that the outlook on its parent UniCredit SpA. In turn, the outlook on UniCredit SpA factors in the possibility that we could lower the ratings if we were to lower our ratings on the Republic of Italy, or if the Italian economy and banking industry weakened
