MILAN (Standard&Poor's) May 21, 2007--Standard&Poor's Ratings Services said today that it had affirmed its 'A+' long-term and 'A-1' short-term counterparty credit ratings on Italy-based bank UniCredito Italiano SpA and its subsidiaries. The outlook on UniCredito is stable. At the same time, Standard&Poor's placed its 'A' long-term counterparty credit ratings on Italy's Capitalia SpA and its core subsidiary MCC SpA on CreditWatch with positive implications. The 'A-1' short-term counterparty credit ratings on Capitalia and MCC were affirmed. The rating actions followed the announcement that the boards of UniCredito and Capitalia SpA had approved the merger of the two entities, involving the incorporation of Capitalia into UniCredito. The affirmations of the ratings on UniCredito and subsidiaries
