Fitch affirms UniCredito, puts ATF Bank on positive watch

Fitch Ratings said it affirmed UniCredito Italiano's ratings at long-term issuer default A+ with a positive outlook and short-term issuer default rating F1. Its support rating floor of A- remains unchanged.

The affirmation follows the announced agreement between the issuer and private shareholders to acquire, through its Austrian subsidiary Bank Austria Creditanstalt, a majority stake in ATF Bank.

Fitch said it placed ATF Bank's long-term issuer default BB- and short-term issuer default B ratings on Rating Watch positive and affirmed its individual rating at D. Its support rating floor of BB- is based on sovereign support.

The deal is subject to regulatory approval and will be funded by cash. The acquisition will shave around 30 basis points from UniCredito Italiano's core capital ratio.

The Ratings Watch positive for ATF Bank reflects the probability of support if needed. If the deal goes through, Fitch said it expects to upgrade ATF's issuer default rating to Kazakhstan's country ceiling, BBB+.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.