MILAN (Standard&Poor's) Oct. 28, 2005--Following the announcement that 88.14% of Germany's Bayerische Hypo- und Vereinsbank AG's (HVB) shareholders have accepted the exchange offer from leading Italian bank UniCredito Italiano SpA, Standard&Poor's Ratings Services said today that lowered its long- and short-term counterparty credit ratings to 'A+/A-1' from 'AA-/A-1+' on UniCredito and its subsidiaries Unicredit Banca Mobiliare SpA (UBM) and Unicredit Banca d'Impresa SpA (UBI). Standard&Poor's also lowered its long-term counterparty credit rating on leasing subsidiary Locat SpA to 'A' from 'A+', while affirming its 'A-1' short-term counterparty credit rating. The outlook on Unicredito and its related entities is negative. At the same time, Standard&Poor's raised its long- and short-term counterparty credit ratings
