The ratings on Germany-based UniCredit Bank AG (UCAG; formerly Bayerische Hypo- und Vereinsbank AG) are based on what Standard&Poor's Ratings Services considers to be UCAG's core status within the UniCredit group (parent company UniCredit SpA rated A/Stable/A-1). UCAG's core status, which raises its stand-alone creditworthiness by two notches, reflects the bank's 100% ownership by UniCredit SpA and its role as the group's center of competence for its capital markets business and Germany-based operations. The recent renaming of the bank underpins its integration into the group. UCAG's strong capitalization is a key factor supporting our assessment of its stand-alone credit profile. We consider UCAG a highly systemically important institution in Germany, but we do not factor government support into
