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Moody’s changes UBI Banca view
Moody’s Investors Service said it affirmed the ratings and assessments of Unione di Banche Italiane SpA (UBI Banca).
The agency affirmed the baseline credit assessment and adjusted BCA at ba2, the long-term deposit ratings at Baa2, the long-term senior unsecured debt ratings at Baa3, the junior senior unsecured debt ratings at Ba3, the subordinated debt ratings at Ba3 and the long-term counterparty risk assessment at Baa2(cr).
The outlook remains stable on the bank's long-term deposit ratings and was changed to negative from stable on its long-term senior unsecured debt ratings.
Moody's said the affirmation reflects the resilience of the bank's credit profile despite challenges stemming from the persistently high level of non-performing loans and modest profitability.
The negative outlook on the senior debt ratings anticipates the expected reduction in the stock of bail-in-able debt over the outlook horizon, the agency said.
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