On April 11, 2025, we raised our unsolicited long-term sovereign credit ratings on Italy to 'BBB+' and affirmed the 'A-2 'short-term ratings. The outlook on the ratings is unchanged at stable. Following this rating action and the application of our criteria, we raised to 'AA' from 'AA-' our ratings on UniCredit SpA's mortgage covered bonds. The outlook on the covered bond ratings is unchanged at stable and reflects our outlook on the sovereign rating. On April 18, 2025, we raised our long-term issuer credit rating (ICR) on UniCredit SpA to 'BBB+' from 'BBB' and affirmed the 'A-2' short-term issuer credit rating. This means that the program still benefits from one unused notch of collateral-based uplift. FRANKFURT (S&P Global Ratings) April
