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Rating Action:

Moody's affirms UniCredit Bank AG's A3 ratings; outlooks remain negative

15 Jul 2013

Ratings of UniCredit Luxembourg affirmed at Baa2, outlook negative

Frankfurt am Main, July 15, 2013 -- Moody's Investors Service ("Moody's") has today affirmed the A3 long-term senior debt and deposit ratings of UniCredit Bank AG (UCB), and those of UniCredit Luxembourg (UCL) at Baa2. Moody's also affirmed the short-term ratings of both banks at Prime-2 and the outlook on all of these ratings remains negative.

Today's rating action follows Moody's lowering of UniCredit SpA's (UniCredit) standalone credit assessment to D+/baa3 from C-/baa2 and the affirmation of its supported long-term senior ratings at Baa2, all with negative outlooks. For further details, please refer to the press release "Moody's affirms UniCredit's Baa2/P-2 rating; lowers BCA to baa3" dated 15 July 2013.

Furthermore, Moody's affirmed UCB's Baa3 subordinated debt ratings, its Ba1 (hyb) hybrid debt ratings, and the bank's C- bank financial strength rating (BFSR) -- equivalent to a baseline credit assessment (BCA) of baa2 -- as well as UCL's C-/baa2 standalone credit assessment, which is aligned with that of UCB.

For a detailed list of ratings affected, please refer to the end of the press release.

RATINGS RATIONALE

-- UCB: AFFIRMATION OF RATINGS

The affirmation of UCB's C-/baa2 standalone credit assessment reflects Moody's view of the bank's robust credit profile in combination with high loss-absorption capacity from earnings and capital. In addition, the rating agency takes into account the degree of UCB's strategic, financial and operational interconnectedness with its Milan-based parent bank. Moody's recognises the achieved level of ring fencing from credit risks elsewhere in the group because UCB has substantially reduced the previously high intragroup exposures. At the same time, the continued correlation in the areas of reputation and investor confidence have also been taken into account. The combination of these factors positions UCB's baa2 BCA at a level no higher than one notch above that of UniCredit (baa3).

The affirmation of UCB's debt and deposit ratings is driven by Moody's unchanged assumption of a high probability of systemic support from Germany (Aaa, negative), which results in a two-notch uplift for UCB's A3 long-term ratings from its baa2 BCA. Given UniCredit's baa3 BCA, UCB's long-term ratings do not benefit from rating uplift, despite Moody's assessment of a high likelihood of parental support.

-- UCL: AFFIRMATION OF RATINGS

As a highly integrated subsidiary of UCB, UCL's standalone baa2 BCA is aligned with that of UCB. Given UCL's integrated management and role as a service provider predominantly for Munich-based UCB, its financial profile and profitability are strongly influenced by the parent bank. Therefore, UCL's Baa2 deposit ratings reflect UCB's baa2 standalone BCA and Moody's assessment of a high probability from parental support in the event of need. UCL's Baa2 long-term ratings do not incorporate any uplift from systemic support, as Moody's does not expect the bank to receive systemic support in Luxembourg in the case of financial distress.

RATIONALE FOR NEGATIVE OUTLOOK

The negative outlook on UCB's long-term ratings follows the negative outlook on its C- BFSR.

The negative outlook on UCB's standalone BFSR reflects the negative outlook on its parent bank's D+ BFSR. As the group's centre for corporate and investment banking activities, UCB exhibits a high, natural business-related interconnectedness with its parent bank and other group entities. However, Moody's recognises the reduction in intragroup exposures and therefore achieved level of ring-fencing. As such, Moody's will re-assess intra-group exposures and the degree of operational interconnectedness, if UniCredit's standalone credit strength weakens further.

WHAT COULD MOVE THE RATINGS UP/DOWN

Upwards pressure on UCB's BFSR -- and in turn for UCL's BFSR -- could develop as a result of (1) changes in the bank's earnings profile, with a reduced weight of capital markets-related activities and larger earnings contributions from more stable and less volatile businesses; (2) sustained improvements of asset-quality indicators; (3) the effective ring-fencing of credit risks and exposures with other UniCredit group entities; and/or (4) an improvement of UniCredit's BCA at the same time as a strengthening of UCB's risk profile.

Downwards pressure on UCB's BFSR -- and in turn for UCL's BFSR -- could be triggered by (1) a weakening in the bank's financial fundamentals; and (2) an increase of risk appetite in -- and earnings volatility stemming from -- UCB's investment banking activities. Weaker financial fundamentals, could arise, for example, as a result of a significant deterioration of the macro-economic environment beyond our current expectations leading to higher credit losses and pressure on margins and earnings.

In addition, negative pressure on UCB's and UCL's ratings could also be triggered by a lowering of UniCredit's BCA, depending on Moody's assessment of intra-group exposures and the degree of operational interconnectedness between UCB and the group, at that time.

Similarly, UCB's long-term debt and deposit ratings could be downgraded if Moody's considers that the systemic support available to the bank has weakened; however, Moody's considers that this is unlikely to occur in the foreseeable future.

LIST OF AFFECTED RATINGS

The following ratings of UCB were affirmed:

- C- BFSR mapping to a baa2 BCA;

- A3 long-term senior debt and deposit ratings and issuer rating;

- P-2 short-term debt and deposit ratings;

- Baa3 senior subordinated debt rating;

- Ba1 (hyb) preferred stock ratings, issued by HVB Funding Trust I-III, and VI.

The following ratings of UCL were affirmed:

- C- BFSR mapping to a baa2 BCA;

- Baa2 long-term deposit ratings and issuer rating;

- P-2 short-term deposit ratings.

PRINCIPAL METHODOLOGIES

The principal methodology used in these ratings was Global Banks published in May 2013. Please see the Credit Policy page on www.moodys.com for a copy of this methodology.

REGULATORY DISCLOSURES

For ratings issued on a program, series or category/class of debt, this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides certain regulatory disclosures in relation to the rating action on the support provider and in relation to each particular rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.

For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this rating action, and whose ratings may change as a result of this rating action, the associated regulatory disclosures will be those of the guarantor entity. Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity.

Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.

Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.

Please see the ratings tab on the issuer/entity page on www.moodys.com for additional regulatory disclosures for each credit rating.

Swen Metzler
Vice President - Senior Analyst
Financial Institutions Group
Moody's Deutschland GmbH
An der Welle 5
Frankfurt am Main 60322
Germany
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Carola Schuler
MD - Banking
Financial Institutions Group
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Releasing Office:
Moody's Deutschland GmbH
An der Welle 5
Frankfurt am Main 60322
Germany
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Moody's affirms UniCredit Bank AG's A3 ratings; outlooks remain negative
No Related Data.
© 2021 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved.

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MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have, prior to assignment of any credit rating, agreed to pay to MJKK or MSFJ (as applicable) for credit ratings opinions and services rendered by it fees ranging from JPY125,000 to approximately JPY550,000,000.

MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements.

​

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