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FINANCIALS: Fitch upgrades UniCredit to BBB+, maintains positive outlook

FINANCIALS
Credit BulletsCEEMEAEurozoneItalyBulletGlobalRegion
  • This upgrade by Fitch reflects a "multi-year long restructuring, balance sheet de-risking and materially improved loss absorption capacity "
  • Fitch's IDR for UniCredit now, and will be capped at, 1 notch above Italy sovereign rating
  • Geographic diversification is seen as a strength
  • Further upgrades are unlikely without upgrades to the Italian sovereign and given the recent operational performance of UniCredit a downgrade also appears like a remote possibility.

 

  • Fitch is now rated Baa1/BBB/BBB+ - implying their index ratio should increase by 1 notch in some of the main indices.

  • Fitch doesn’t currently rate UniCredit subordinated bonds, but it does have a subordinated rating for UniCredit which climbs to BBB-

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  • This upgrade by Fitch reflects a "multi-year long restructuring, balance sheet de-risking and materially improved loss absorption capacity "
  • Fitch's IDR for UniCredit now, and will be capped at, 1 notch above Italy sovereign rating
  • Geographic diversification is seen as a strength
  • Further upgrades are unlikely without upgrades to the Italian sovereign and given the recent operational performance of UniCredit a downgrade also appears like a remote possibility.

 

  • Fitch is now rated Baa1/BBB/BBB+ - implying their index ratio should increase by 1 notch in some of the main indices.

  • Fitch doesn’t currently rate UniCredit subordinated bonds, but it does have a subordinated rating for UniCredit which climbs to BBB-

Keep reading...Show less