...MILAN (S&P Global Ratings) March 23, 2018--S&P Global Ratings said today that it has assigned its '##+' issue rating to the senior nonpreferred notes, which may be issued by Italy-based UBI Banca SpA under its recently updated 15 billion debt issuance program, according to the current terms and conditions. The notes will fall in the new categories of liabilities called "strumenti di debito chirografario di secondo livello" (second-level unsecured debt instruments). The newly created liabilities will rank junior to other senior obligations, including senior preferred notes, but ahead of any other subordinated debt. As such, we are rating the instruments '##+', one notch below UBI's stand-alone credit profile (SACP), consistent with our approach to other rated senior nonpreferred notes, including the January 2018 UniCredit issue (see "UniCredit SpA Nonpreferred Notes Assigned '###-' Rating," published Jan. 15, 2018). The rating on UBI's future notes reflects our view that: + They will convert...
