Unicredit SpA And Unicredit Leasing 'BBB/A-2' Ratings Affirmed; Unicredit Leasing Ratings Withdrawn At Issuer's Request

We expect Unicredit to strengthen its balance sheet further by reducing its legacy nonperforming exposures (NPEs) and increasing capital generation. This would enable it to maintain its risk-adjusted capital sustainably above 7% in 2019. The level of NPEs after provisioning would likely fall below 4% over the same period. We consider that the group's core subsidiary Unicredit Leasing has become more firmly integrated into the group following its restructuring. We are affirming our 'BBB/A-2' ratings on Unicredit SpA and its core subsidiary Unicredit Leasing. We are revising the outlook on Unicredit Leasing to stable from negative, in line with the parent. We are then withdrawing our rating on Unicredit Leasing, at the issuer's request. MILAN (S&P Global Ratings) April 16,

...+ We expect Unicredit to strengthen its balance sheet further by reducing its legacy nonperforming exposures (NPEs) and increasing capital generation. This would enable it to maintain its risk-adjusted capital sustainably above 7% in 2019. The level of NPEs after provisioning would likely fall below 4% over the same period. + We consider that the group's core subsidiary Unicredit Leasing has become more firmly integrated into the group following its restructuring. + We are affirming our '###/A-2' ratings on Unicredit SpA and its core subsidiary Unicredit Leasing. + We are revising the outlook on Unicredit Leasing to stable from negative, in line with the parent. We are then withdrawing our rating on Unicredit Leasing, at the issuer's request. MILAN (S&P Global Ratings) April 16, 2018--S&P Global Ratings said today that it affirmed its '###/A-2' long- and short-term issuer credit ratings on Italy-based bank Unicredit SpA and its core subsidiary Unicredit Leasing. The outlook on Unicredit...

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