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Unione di Banche Italiane Lower Tier 2 Notes Upgraded To 'BBB-' From 'BB+' On Elimination Of Subordination Clause

Published Sep 24, 2014

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Abstract:

On Sept. 9, 2013, Unione di Banche Italiane (UBI Banca) offered to buy back its €300 million callable step-up floating rate subordinated notes, and on Oct. 30 it converted the amount that hadn't been bought back into senior unsecured debt through a change in the notes' terms and conditions. We understand the remaining amount of the notes after the buy-back was completed ranks pari passu with the bank's other senior unsecured debt instruments. We are therefore correcting by raising our rating on these notes to 'BBB-' from 'BB+' and removing the "under criteria observation" (UCO) identifier from the rating. MILAN (Standard&Poor's) Sept. 24, 2014--Standard&Poor's Ratings Services said today it has corrected by raising to 'BBB-' from

Report Type:

Ratings Action

Ticker

BPU@IM

Issuer

UBI Banca SpA

GICS

Diversified Banks (40101010)

Sector

Global Issuers, Structured Finance

Country

Italy

Region

United States

Format:

HTML

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Cite this Report


MLA:	S&P Global Ratings’ Credit Research. "Unione di Banche Italiane Lower Tier 2 Notes Upgraded To 'BBB-' From 'BB+' On Elimination Of Subordination Clause" Sep 24, 2014. Alacra Store. May 19, 2025. <http://www.alacrastore.com/s-and-p-credit-research/Unione-di-Banche-Italiane-Lower-Tier-2-Notes-Upgraded-To-BBB-From-BB-On-Elimination-Of-Subordination-Clause-1360893>

APA:	S&P Global Ratings’ Credit Research. (). Unione di Banche Italiane Lower Tier 2 Notes Upgraded To 'BBB-' From 'BB+' On Elimination Of Subordination Clause Sep 24, 2014. New York, NY: Alacra Store. Retrieved May 19, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/Unione-di-Banche-Italiane-Lower-Tier-2-Notes-Upgraded-To-BBB-From-BB-On-Elimination-Of-Subordination-Clause-1360893>

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