Strong competitive position in its domestic market, including retail roots in Italy's most wealthy regions; Strong core earnings and efficiency; Sound balance sheet, characterized by satisfactory capital, liquidity, and asset quality positions; and Credible strategy, with strong track record of management. Revenue composition, with a relatively high proportion of income from volatile derivatives sales business; and Exposure to Eastern European banking markets that bears higher economic and industry risks. On June 15, 2005, Standard&Poor's Ratings Services said that its 'AA-' long-term and 'A-1+' short-term counterparty credit ratings on leading Italian bank UniCredito Italiano SpA (UniCredito) and subsidiary Unicredit Banca Mobiliare SpA remain on CreditWatch with negative implications. Standard&Poor's made the announcement after UniCredito publicly stated its
