OVERVIEW We have reviewed our ratings on UniCredit Bank's public sector covered bond program under our revised covered bonds criteria, published on Dec. 9, 2014. Following our review, we have affirmed our ratings on the covered bond program and related issuances. The negative outlook on our ratings reflects our outlook on the long-term rating on the issuer. FRANKFURT (Standard&Poor's) July 7, 2015--Standard&Poor's Ratings Services said today that it has completed its review of its ratings on UniCredit Bank AG 's public sector covered bond program by applying its revised criteria for assessing pools of public sector loans and its revised criteria for rating covered bonds (see "Methodology And Assumptions For Assessing Portfolios Of International Public Sector
