Transaction Update: UniCredit SpA Mortgage Covered Bonds - S&P Global Ratings’ Credit Research

Transaction Update: UniCredit SpA Mortgage Covered Bonds

Transaction Update: UniCredit SpA Mortgage Covered Bonds - S&P Global Ratings’ Credit Research
Transaction Update: UniCredit SpA Mortgage Covered Bonds
Published Jun 16, 2021
12 pages (4311 words) — Published Jun 16, 2021
Price US$ 375.00  |  Buy this Report Now

About This Report

  
Abstract:

The cover pool assets are secured by residential mortgages geographically diversified across Italy. There is a commitment to maintain a level of overcollateralization commensurate with the current rating and liquidity requirements are addressed for 12 months. The available credit enhancement exceeds our required credit enhancement for the maximum achievable rating. The exposure to refinancing risk limits the covered bonds' ratings to no more than five notches above our unsolicited long-term sovereign rating on Italy (BBB/Stable/A-2). S&P Global Ratings' stable outlook on the mortgage covered bonds ("Obbligazioni Bancarie Garantite"; [OBGs]) issued by Italy-based UniCredit SpA (BBB/Negative/A-2) reflects that we would not automatically lower our ratings on the covered bonds if we were to downgrade the issuer. This is because there is

  
Brief Excerpt:

...+ The cover pool assets are secured by residential mortgages geographically diversified across Italy. + There is a commitment to maintain a level of overcollateralization commensurate with the current rating and liquidity requirements are addressed for 12 months. + The available credit enhancement exceeds our required credit enhancement for the maximum achievable rating....

  
Report Type:

Transaction Update Report

Ticker
UC@IM
Issuer
UniCredit SpA
GICS
Diversified Banks (40101010)
Sector
Global Issuers, Public Finance, Structured Finance
Country
Italy
Region
United States
Format:
PDF Adobe Acrobat
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Cite this Report

  
MLA:
S&P Global Ratings’ Credit Research. "Transaction Update: UniCredit SpA Mortgage Covered Bonds" Jun 16, 2021. Alacra Store. May 08, 2025. <http://www.alacrastore.com/s-and-p-credit-research/Transaction-Update-UniCredit-SpA-Mortgage-Covered-Bonds-2668657>
  
APA:
S&P Global Ratings’ Credit Research. (). Transaction Update: UniCredit SpA Mortgage Covered Bonds Jun 16, 2021. New York, NY: Alacra Store. Retrieved May 08, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/Transaction-Update-UniCredit-SpA-Mortgage-Covered-Bonds-2668657>
  
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