The ratings on UniCredito Italiano SpA (UniCredito) reflect the group's strong market positions in Italy, superior profitability, and sound balance sheet, as well as the track record of its management team, all of which offset the risks inherent in the group's expansion into the more volatile markets of Eastern Europe. UniCredito is the second-largest banking group in Italy, regrouping federated regional banks, mainly Rolo Banca 1473 SpA, Cariverona Banca SpA, and Banca CRT SpA (all rated A+/Positive/A-1), as well as a nationally operating network, Credito Italiano SpA (not rated). The group's market positions are very strong, with market shares exceeding 15% in several key northern Italian regions. UniCredito's expansion into Eastern European markets and the development of its international asset-management
