Good news from Moody's for Unicredit. The US rating agency revised upwards the long-term rating on the deposits and Senior Unsecured debt of the Italian Bank, bringing it from Baa2 to Baa1. The Prime-2 short-term valuation, however, has been confirmed. The ratings have a stable outlook and are one step higher than Moody's rating of Italian sovereign debt (Baa2).
The subordinated debt rating was raised from Ba2 to Ba1. The agency also revised the ratings of UniCredit Leasing SpA from Baa3/Prime-3 to Ba1/Not-Prime, with a stable outlook, following the elimination of systemic support.
These decisions were made in light of the new global bank rating methodology and reduced expectations about the likelihood of systemic support.
