“Unicredit is less exposed to sovereign debt risks” and S&P changes its outlook from negative to stable.
The American rating agency confirmed, in a note released on Monday evening, the bank's ratings at "BBB" in the long term and "A2" in the short term, as well as the rating of the issues.
The motivation is interesting. UniCredit has “significantly improved its resilience to a hypothetical BBB/A2 Italian sovereign debt default with a negative outlook”. UniCredit, therefore concludes S&P, could be “valued above sovereign debt”.
