Moody's lowers UniCredit

Moody's Investors Service said it downgraded UniCredit SpA's long-term debt and deposit ratings to A2 from Aa3, while the Prime-1 short-term debt and deposit ratings were unaffected by this rating action.

Moody's also downgraded the bank's stand-alone bank financial strength rating by one notch to C-, mapping to Baa1 on the long-term scale, from C, which maps to A3.

The outlook for the long-term debt and deposit ratings is negative.

The agency said the outlook for the C- BFSR is stable, although there is negative pressure within the C- range, as this comprises both Baa1 and Baa2 ratings on the long-term scale.

This action concludes the review for possible downgrade initiated on May 17.

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