MILAN (Standard&Poor's) Oct. 6, 2008--Standard&Poor's Ratings Services said today that it revised its outlook on Italy-based bank UniCredit SpA to negative from stable. At the same time, the 'A+' long-term and 'A-1' short-term counterparty credit ratings on UniCredit were affirmed. "The rating action follows UniCredit's announcement yesterday of a downward revision of earnings expectations, together with the approval of exceptional measures that should significantly strengthen capital ratios," said Standard&Poor's credit analyst Alberto Buffa di Perrero. Earnings expectations for the second half of 2008 that the bank announced yesterday are to be significantly below plan. Even considering major asset disposals, the group is now targeting net income for 2008 of €5.2 billion, compared with €6.5
