MILAN (Standard&Poor's) July 27, 2010--Standard&Poor's Ratings Services said today that it had assigned its 'BBB' issue rating to Unicredit SpA's €500 million non-cumulative step-up fixed/floating rate junior subordinated notes. The notes are rated three notches below the long-term counterparty credit rating on Unicredit (A/Stable/A-1). The issue rating reflects the potential for deferral of interest payments and for a write-down of principal, as well as the notes' subordinate ranking in an event of liquidation. The notes have a maturity in 2050 and are callable after 10 years from issuing, when there is a step-up feature as the interest rate switches from a fixed 9.375% to a floating rate at a spread of 7.49% over 3-month Euribor. We
