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. 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 on Germany-based UniCredit Bank AG (UniCredit Bank) reflects that on its parent UniCredit SpA (UniCredit). In turn, the outlook on UniCredit factors in the possibility that we could lower the ratings if, all else remaining equal, we
