LONDON (Standard&Poor's CreditWire) March 23, 1999--Standard&Poor's today placed its single-'A'-plus long-term ratings on UniCredito Italiano SpA (UniCredito) and its subsidiaries on CreditWatch with negative implications. Standard&Poor's also affirmed its 'A-1' short-term ratings on the banks. At the same time, Standard&Poor's placed its single-'A' long-term ratings on Banca Commerciale Italiana SpA (BCI) and its subsidiaries on CreditWatch with positive implications, and affirmed its 'A-1' short-term ratings on these entities. (See list below for all rating actions.) The CreditWatch placements reflect the announcement that UniCredito (formerly Credito Italiano) has made an offer to buy BCI by exchanging eight UniCredito shares for five BCI ordinary or savings shares (equivalent to a parity of 1.6 times).
