...MILAN (S&P Global Ratings) Jan. 15, 2018--S&P Global said today that it assigned its '###-' issue rating to the proposed senior nonpreferred notes to be issued by Italy-based UniCredit SpA (UniCredit). The rating is subject to our review of the final issue documentation. The proposed five-year 1.5 billion issuance will be the first of its kind in Italy, after the Italian parliament approved in late December 2017 the introduction of the new categories of liabilities called "strumenti di debito chirografario di secondo livello" (second level unsecured debt instruments), and modified the hierarchy of claims in a bank's liquidation. Those 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 those instruments '###-', one notch below UniCredit's stand-alone credit profile (SACP), to reflect our view that: + Those instruments will convert into equity or be written off in a resolution...
