Strong capital position. Sound domestic corporate franchise, supported by Germany's relatively robust economy. Likely separate resolution process to that of Italian parent UniCredit that supports a rating higher than that on parent. Meaningful concentration in its corporate credit portfolio and complexity in its credit market-related business. Some tail risk in credit losses that is not fully reflected in our capital considerations due to the beneficial cycle in Germany and UniCredit Bank's strong operational interconnections with the UniCredit group. Volatility in business flows that is inherent to its investment banking activity. S&P Global Ratings' outlook on Germany-based UniCredit Bank AG is negative. The negative outlook reflects a one-in-three probability that we could downgrade UniCredit Bank by likely not more than one
